NASHVILLE (AP) - Tennessee financial officials say they're confident the state's pension plan is in good shape long term despite the likelihood of continued stock market volatility and the recent Wall Street sell-off.
The financial storm is causing an uneasiness among many state fund managers still trying to recover from steep losses during the recession. California's main public-employee pension fund, the nation's largest, has lost at least $18 billion off the value of its stock portfolio since July 1.
Some state officials are concerned taxpayers may have to foot the bill for billions in unfunded liabilities for government retirees.
But Steve Curry, assistant to the Tennessee treasurer, says part of the reason the state is faring better than most is because of its conservative portfolio, which is made up of about 42 percent bonds.