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Mon Apr 13, 2020, 03:27 AM

New state PERS strategy gets first test

Oregon’s new strategy for managing its multi-billion dollar public-pension fund through an uncertain economy is getting its first test.

While the estimated loss to the fund in the first quarter of this year was 7.8%, it was less than the 20% sustained by the Standard & Poor’s 500 Index, the worst for S&P since the fourth quarter of 2008.

The Public Employees Retirement System board heard a final report last week from John Skjervem, the state’s chief investment officer and an architect of the new strategy. Skjervem’s last day was March 31. He announced in February he was leaving to become president of an asset management firm in Menlo Park, California.

Under the strategy, the PERS fund will not grow as much when financial markets surge — but will not drop as much when the markets plunge. While PERS manages the pension system for retired public workers, the Oregon Investment Council — the state treasurer and four other members — oversees state investments, the largest of which is the PERS fund.

Read more: https://mailtribune.com/news/state-news/new-state-pers-strategy-gets-first-test
(Medford Mail Tribune)

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