« REVENUES FOR 2010-11 ON TARGET | Home | Stroebel Rolls Out “Double Dipping” Bill »
SWIB ‘REBUILDING’ AFTER A BAD 2008
By Wisconsin School Administrators Alliance staff | September 7, 2011
From The Wheeler Report:
The State Investment Board, in a report to the Joint Finance Committee, has nearly returned to asset levels of 2007, when it had total assets of $87.803 billion. As of June 30, SWIB held assets of $82.486 billion. And, according to SWIB Executive Director Keith Bozarth, despite a roller coaster stock market the past few weeks, total assets for the year are about flat, meaning some investments went up and some went down, but overall they’ve evened out.
On December 31, 2007, SWIB had assets of $87.803 billion; on December 31, 2008, assets were down to $61.803 billion. And, that’s when the “rebuilding,” as Bozarth describes it, began. On December 31, 2009, assets had increased to $72,845 billion and on December 31, 2010, assets totaled $79,067 billion. Six months into 2011, total assets increased to $82,486 billion.
Bozarth said the 2009 market “supported” the growth and assets have “significantly recovered,” even though August was an “ugly” month. Bozarth said an important part of the asset building is the negative adjustment that can be made to retirement payouts based on the five-year rolling average for benefits under the CORE plan. He said when pensions go down, so does the total liability of the retirement system.
Topics: SAA Capitol Reports, SAA Capitol Reports with Email Notifications, SAA Latest Update | No Comments »
Comments are closed.