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Retirement System reports March market dip, $100M withdrawn year‑to‑date; CEO says hotel‑sale bill could supply funds with amendment
Summary
Board heard that the system’s plan fell about 3.9% in March and had an ending market value of about $480.2 million; the treasurer said $100 million was withdrawn from investments year‑to‑date. The CEO said a bill tied to a hotel transaction could provide proceeds if amended.
The Government Employees Retirement System’s investment and finance reports at the April 23 board meeting showed a March decline in market values but year‑to‑date resilience, and trustees discussed a potential legislative funding source tied to a hotel transaction.
The investment officer told the board the total plan returned about -3.9% for March but was up roughly 1% fiscal year‑to‑date. Domestic equities were one of the weaker performers in March while the energy sector was the month’s standout. The officer said international equities underperformed…
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