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Wall Street's rally helps state funds

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The Tampa Tribune

Published: September 2, 2009

TALLAHASSEE - Florida's public employee pension and hurricane catastrophe funds are benefiting from an upswing in the financial markets.
Staff members had that good news Tuesday for the State Board of Administration headed by Gov. Charlie Crist. The panel oversees those and other state investments.

The retirement fund, which covers teachers and state and local government employees, bottomed out at $83 billion in March. It's now at $106.5 billion. That's a big improvement but still about $20 billion short of where it was in mid-2008.

The hurricane fund, which provides backup coverage for insurance companies, has seen its borrowing power improve. Insurers also are relying less on the state fund and turning more to the marketplace for backup.

The Associated Press

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