Audit: Losses will affect Wisconsin retirees for years - WAOW - Newsline 9, Wausau News, Weather, Sports

Audit: Losses will affect Wisconsin retirees for years


MADISON (AP) -- A new audit says losses in the state of Wisconsin's investments in 2008 will affect retired government workers for years.

The Legislative Audit Bureau report released on Friday shows that $23.6 billion in investments were lost in 2008 but $13.5 billion was gained in 2009. The total value of the state's pension funds was $72.8 billion at the end of 2009, down from $87.8 billion in 2007.

The losses resulted in the first-ever decrease in payments for retirees with money in the Wisconsin Investment Board's core fund.

State Auditor Jan Mueller says in a letter to lawmakers that those losses will be felt for years by participants in the plans and employers.

The funds pay for retirement benefits of more than 560,000 current and former state and local government employees.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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