What’s going on here?! Maybe it’s that when workers don’t draw paychecks, they also don’t contribute to pension funds. Maybe it’s a general loss of pension fund value. Or something else…..anyway, suddenly one of Vermont’s big non-governmental pension funds is $40 million in the hole.
"The pension plan losses “appear to be distinct from and in excess of the general market losses resulting from Covid-19,” George said. The benchmark Dow Jones Industrial Average fell about 30% between February and March, but rebounded in June to within 2,000 points of its wintertime peak. Blue Cross Blue Shield notified the Department of Financial Regulation about the losses in March, Pieciak said. He vowed to continue investigating whether both Blue Cross had received accurate information from Allianz and whether the company had been transparent with Vermont regulators. “We want to understand how (the) investment decisions were made, whether investment policies were followed,” Pieciak said.."
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