08 January 2010

W.Va. Needs $145 Million to Offset Pension Investment Losses

The West Virginia Legislature already faces crafting a budget with recession-weakened revenues. Manchin administration officials now say lawmakers must also find an extra $145 million to make up for investment losses to state pension funds, The Associated Press reports.

"Last year's Wall Street meltdown inflicted losses to these retirement programs totaling 23.5 percent," the article said. "The state had been counting on earnings of 7.5 percent."

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