US State, Local Pensions Drop 8.5 Percent as Stocks Slide

Wednesday, 28 Dec 2011 10:32 AM

 

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U.S. public pension-fund assets dropped during the third quarter for the first time in more than a year as stocks fell amid concern that Europe’s sovereign-debt crisis may curb economic growth, the Census Bureau said.

Assets of the 100 largest public-worker pension plans decreased by $237 billion, or 8.5 percent, to $2.53 trillion by the end of September, the bureau said today in a report. It marks the first decline since the second quarter of 2010.


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