Alabama state pension funds down, facing challenges
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.
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