INDIANAPOLIS (AP) — The stock market's gyrations of the past couple weeks have meant millions of dollars in losses for Indiana's public pension funds.
The Indiana Public Retirement System has about 40 percent of its $20 billion-plus in assets invested in the stock market. Those assets are set aside for pensions for retired teachers, police officers and other state workers.
Pension fund spokesman Jeff Hutson tells the Evansville Courier & Press (http://bit.ly/of7eKU) that the system doesn't do daily tracking but that its stocks generally follow the Standard & Poor's 500 index.
That index is down 11.2 percent since June, which would mean a nearly $1.2 billion loss for the Indiana funds.
Hutson says managers make investments on a 30-year horizon and also put money into real estate, commodities and hedge funds.
Information from: Evansville Courier & Press, http://www.courierpress.com