NC's public pension fund loses value

January 23, 2009 11:31:38 AM PST
Although North Carolina's public employee pension funds remain solid, they lost $17 billion in value in 2008, according to the state treasurer. Treasurer Janet Cowell announced Friday a nearly 20 percent loss on returns during the year.

The fund is now valued at $60 billion, down from $77 billion a year ago.

Cowell says the stock market decline and the worldwide recession are to blame.

She says there's still plenty of cash to pay retiree checks.

The pension funds cover 820,000 government employees, teachers, emergency officials and retirees.