KTTC Rochester, Austin, Mason City News, Weather and SportsOfficials: Iowa pension fund up but issues remain
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DES MOINES, Iowa (AP) -- A public employee pension fund is performing much better thanks to an upturn in the stock market, but officials still support increasing contributions by governments and workers.
The Iowa Public Employees' Retirement System had a market value in late November of nearly $20 billion. That's down from more than $22 billion in June 2008 but improved from last winter after global markets plunged.
A study presented Thursday to a pension investment board called for adding $100 million in contributions annually to the system. Under the plan, about 60 percent would come from school districts, cities, counties and the state. The rest would come from employees.
Without more contributions, the fund might not meet future retiree benefit needs.
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