Assets in state and local government retirement plans totaled $3.19 trillion as of Dec. 31, 2008, down $178.8 billion, or 5.9%, from the end of 2007, according to a report issued by the U.S. Census Bureau today.
Total assets of state and local government retirement plans in securities were $2.675 trillion at the end of 2008, down $228.4 billion or 9.3% from the end of the previous year, the report said.
All investments except cash, real property and miscellaneous investments were counted under “securities,” according to the report. Within that category, assets invested in corporate stock at the end of 2008 totaled $1.118 trillion, or 35.05% of total fund assets, the report said.
Year-earlier data was not available at deadline.
Total assets in state and local government plans invested in corporate bonds at the end of 2008 were $519.7 billion, or 16.29% of total assets, said the report, National Summary of State and local Public Employee Retirement System Finances: 2007-2008.
