...that the state IPERS fund is down by some 18%. They may have to either raise the age of retirement eligibility or lower the percentage paid to retirees, or both. While Iowa does not seem to be nearly in as bad a shape as some states, it is troubling to say the least.
Perhaps the most troubling to the humble author of this blog is the revelation that IPERS is among those bilked by Bernie Madoff. I know that many public entities were victimized by madoff, I still fail to understand how professional money managers could allow this to happen. In all fairness IPERS is down mostly from an economy that is failing us, that does not keep me from grinding my teeth when I think of us hicks being gumped by Madoff.
