Public employee retirement systems were hit hard by the stock market downturn in 2008 and 2009.
New data released today by the U.S. Census Bureau shows state and local government retirement systems lost more than $726 billion in fiscal year 2009. In all, public pension assets dropped nearly 23 percent to $2.5 trillion in total cash and investment holdings.
State and local retirement systems in California reported the largest FY 2009 investment decline, with total losses of more than $141 billion across the state. In New York, government retirement systems lost $77.5 billion.
Figures were compiled from the annual State and Local Public Employee Retirement Systems Survey.
The majority of investment types experienced declines, according to data. Corportate stocks, which make up the largest share of investment holdings, fell nearly 30 percent. Only cash and short-term investments, mortgages, and real property grew in value.
Select your state below to view detailed FY 2009 financial data for state and local government systems.
GOVERNING By the Numbers is a companion to GOVERNING Data that digests the growing body of work at the intersection of computer-assisted journalism, data visualization and government transparency.
GOVERNING By the Numbers is dedicated to telling important stories through numbers, with a focus on both our original work in data visualization on GOVERING Data and providing an ongoing tally of editor's picks of new and notable data releases of use to those in government and those who care about it.