Retirement systems' investment earnings off 77 percent in fiscal 2001.

• Position: News Briefs - Brief Article

The Census Bureau reported in August that state and local government retirement systems' investment earnings in fiscal 2001 dropped 77 percent from the previous year. Fiscal 2001 investment earnings totaled $53.6 billion, a staggering $178 billion less than the $231.9 billion earned in fiscal 2000. Analysts said the decrease was not unexpected, given declines in both stock market trading earnings and interest rates over the last two years. Because pension systems are better funded now than they were even five years ago, analysts say the decline in investment earnings is not an immediate concern. They warn...