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IPERS Feels Stock Market Pains

By Becky Ogann

Story Created: Sep 1, 2008 at 10:28 AM CST

Story Updated: Sep 1, 2008 at 10:28 AM CST

DES MOINES (AP) - Tumult in the stock market has had an affect on the state's largest public employees' pension fund.

The Iowa Public Employees' Retirement system, more commonly known as IPERS, had a negative return of 1.3 on its investments for the state budget year ending June 30.

That's according to Donna Mueller, the system's executive director.

IPERS serves more than 300,000 public employees, and includes employees of state government, cities, counties, school districts and other government agencies.

The pension fund faces a long-term shortfall of more than $2 billion and ended the budget year with a market value of $22.4 billion.

Mueller says that despite the short-term market decline, the pension fund remains in relatively good financial shape for the future.

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