Even Before Meltdown, W.Va. Pensions Took Big Hits

Legislators have finally gotten figures from West Virginia's public pension plans for the budget year that ended July 1, and they show that their value dropped by nearly $600 million during that time, The Associated Press reports.

That decline, mostly from market losses, preceded the multibillion-dollar beating that the state's investment portfolio took during the Wall Street meltdown later in the second half of 2008. Pension assets form the bulk of the funds overseen by the Investment Management Board.

The collective unfunded liability of the seven plans with invested assets grew by $1.3 billion to climb beyond $5 billion, AP reports. But the Consolidated Public Retirement Board "is sticking with its projected annual rate of return of 7.5 percent," the article said.