Retirement accounts for states and local government employees lost $600 billion in value in the year that ended June 30, a decline of 21 percent, a U.S. Census Bureaureport shows. Assets of the 100 largest public retirement systems, accounting for 89 percent of public pension activity, fell to $2.2 trillion, the lowest in five years, the Census Bureau said. The decline, coming as the Standard & Poor’s 500 Index fell 28 percent in the worst recession since the Great Depression, portends cuts in benefits or increases in taxpayer and employee contributions.
Bloomberg
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