Alabama state pension funds down, facing challenges

Published: Jun. 19, 2022 at 8:31 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

MONTGOMERY, Ala. (AP) — Sagging financial markets are hurting Alabama’s Employees Retirement System, but officials say the pension fund remains sound.

Leaders of the fund got an update on the employees retirement system during a recent meeting in Montgomery. Through April, its rate of return on investments was minus 5% for this fiscal year.

Retirement chief David Bronner says he can’t remember a time when the global economy faced so many challenges. But Bronner says participants in the employees system shouldn’t be concerned because they have a defined benefit plan, which means it’s not dependent on investment earnings.

The system served more than 139,000 members last year.

Copyright 2022 WTVY. All rights reserved.

Subscribe to our News 4 newsletter and receive the latest local news and weather straight to your email every morning. Get instant notifications on top stories from News 4 by downloading our mobile apps.