Florida’s public employee pension plan has lost more than a quarter of its peak value, but Gov. Charlie Crist and other officials Monday said the fund is built for the long haul and there’s no need to panic.
They said Florida has fared no worse than most big investors — a bit better than some major Wall Street indicators — due to slumps in the stock market, real estate and other segments of the national and world economies.
The fund, which covers state and local government employees including teachers, lost $37.9 billion — 27 percent — over 13 months through Oct. 31, said Dennis MacKee, spokesman for the State Board of Administration. That dropped its value to $100.5 billion.