HELENA – The value of the state’s pension funds have nose-dived by about $1.7 billion over the last six months, following the path of other funds and stock markets worldwide.
The state’s investment director, Carroll South, says it is the largest loss the funds have ever had.
South says the current turbulence of the market, though, makes it dangerous to make changes in the state’s investment portfolio at the moment.
The governor’s Budget Director, David Ewer, says it is also too early for his office to make any recommendations about how to respond to the decline in value.
But he says a reduction in pension payouts will not be considered. Any change in pension benefits to state employees is prohibited by the Montana Constitution.
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