See-sawing 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, reports the News Service of Florida. 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 to drops in value over a one-day period.
Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.