HONOLULU — Hawai‘i’s public-employee pension fund was hard-hit over the past three months by the volatile U.S. stock market and the global financial crisis. The Hawai‘i Employees’ Retirement System — which pays out retirement benefits for state and county workers
HONOLULU — Hawai‘i’s public-employee pension fund was hard-hit over the past three months by the volatile U.S. stock market and the global financial crisis.
The Hawai‘i Employees’ Retirement System — which pays out retirement benefits for state and county workers — lost $1.4 billion for the quarter ended September 30. Its total portfolio generated a negative 11.2 percent return for the quarter, according to a report by Pension Consulting Alliance.
Nationally, public retirement funds with at least $1 billion in assets posted a median loss of 9 percent for the quarter.
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