State and local state pension funds started the year with the worst quarterly returns since the pandemic began. Since then, things have only gone downhill.
Losses in both stock and bond markets has dealt a double blow to funds that manage more than $ 4.5 trillion in retirement savings for American teachers, firefighters and other government employees. These retirement plans returned an average of minus 4.01% in the first quarter, according to the Wilshire Trust Universe Comparison Service, which will be released Tuesday. Recent losses have further blurred their possessions.
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