A rough year for the stock market took its toll on the pension fund for Alabama teachers and education employees, wiping out most of the investment gains made during a banner year in 2021.
“We got what I would call smashed pretty good,” RSA Chief Executive Officer David Bronner told the board.“So what God giveth, he certainly tooketh away this last year, so we’re right back to where we were,” said Bronner, who has led the RSA since 1973. Employee contributions were $554 million for the fiscal year. Employees pay 7.5 percent of 6 percent of their salaries toward their retirement, depending on whether they are in the Tier 1 or Tier 2 plan.
Overall, TRS fixed income investments were down 13 percent for the year. Real estate investments essentially broke even.55 Water Street,
So i guess another 10 years with no COLA should be expected.
Markets are down, so there's no news in reporting that pension plans are not doing well. Where do I have to go to find out how this compares to state employee pension plans nationally? Do we have to fire our pension plan managers and get new ones?
Only 25 billion. Thats terrible….