Public pension hole now $11,000 per U.S. worker

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Public pension hole now $11,000 per U.S. worker
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Top state and local pension funds lost $250 billion on the markets during June and are down more than $600 billion for the year, according to a new study.

Top state and local pension funds lost $250 billion on the markets during the month of June and are down more than $600 billion for the year, according to a new study.

On the bright side, pension fund investments did better than a balanced portfolio of 60% stocks and 40% bonds through the first half of the year. They were down 12.3% by June 30, while the Vanguard Balanced Index Fund VBAIX, -0.75% was down 17%, and a portfolio of 60% Vanguard Total World Stock VT, -0.78% and 40% Vanguard Total World Bond BNDW, -0.79% 16%.

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