Saturday, November 15, 2008

Teachers' Retirement Fund and the Financial Crisis

The fund managers claim that they will be able to maintain current benefits but . . .

AUSTIN — The Teacher Retirement System of Texas has seen about a $25 billion market value drop since Sept. 1 in the nation's widening financial meltdown, making additional benefits next year for retirees appear unlikely.

Fund manager Bill Harris says, "These are short term conditions. We are a long-term fund."

I sure hope he's right.