Monday, November 3, 2008

Trust in the Lord with all your heart and lean not on your own understanding....

Iowa Stockpiles Cash for Public Pension Fund

By Becky Ogann

DES MOINES (AP) - In an effort to ensure that Iowa's largest public employees pension fund can pay monthly benefits to retirees, state officials are stockpiling more than $200 million in cash.

Julie Economaki is an Iowa Public Employees' Retirement System spokeswoman. She says under typical stock market conditions, IPERS would keep up to $30 million on hand to cover obligations to its 85,000 retirees.

She pointed to the crisis on Wall Street as the reason behind the move to put more money aside.

Between July 1 and September 30th, the Iowa pension fund lost an estimated $1.7 billion in assets, or about 7.6 percent. With October's stock market decline, those losses have almost certainly increased.

(the above verse is best repeated over and over, mantra-like, as you rock back and forth, periodically reminding yourself to *breathe*)

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