Investment Board audit finds ‘significant losses’

The Wisconsin Legislative Audit Bureau has released a report on the state Investment Board:

Significant investment losses of $23.6 billion in 2008 will affect Wisconsin Retirement System participants and employers for several years. Although both the Core Fund and the Variable Fund exceeded their ten-year benchmarks, the Core Fund’s ten-year returns were less than actuarial expectations for the long term. We recommend careful review of the earnings assumption and the new investment strategies the Investment Board is undertaking.

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