TALLAHASSEE, Fla. (AP) _ The Florida Retirement System lost about 9 billion, or 7 percent of its value, over the last six weeks. But state investment officials say that's nothing to fret about.
The pension plan weighed in at an estimated $119.4 billion as trading on the nation's financial markets began Friday.
That's down from $128.4 billion on June 30.
The biggest hit came on Monday when the fund lost $3.2 billion as markets reacted to European debt problems and a downgrade in the federal government's creditworthiness by one of three major rating firms.
Since then it's been a rollercoaster ride, up one day and down the next.
Officials say that volitality has no effect on pension obligations because the system has a long-range focus.