The see-sawing stock markets have caused an estimated drop of nine percent since June 30 in the value of the Florida Retirement System pension fund.
The pension fund, which serves state workers, public school employees, universities, colleges and counties, had an estimated value of $117.7 billion by the end of the day Wednesday. That’s down over $10 billion from the $128.4 billion the fund was worth on June 30.
On Tuesday, the fund had been worth an estimated $119.2 billion, losing over a billion just between Tuesday and Wednesday.
On Monday, the Dow Jones industrial average sank 5.6 percent, with a brief rally on Tuesday before sliding 4.6 percent on Wednesday.
State Board of Administration Spokesman Dennis McKee said daily market gyrations are just a blip for the massive retirement fund.
McKee said the pension fund focuses on long-term results over a 30-year period, and cautioned against overreacting over drops in value over a one-day period.
