SANTA FE (AP) – Managers at New Mexico retirement and permanent funds say balances are recovering somewhat this month after a punishing start of the year.
Balances at funds overseen by the Public Employee Retirement Association and Education Retirement Board fell by roughly $750 million in January.
For the Public Employees Retirement Association, that represents a 5.5 percent decline since the start of the fiscal year in July.
Legislative analysts say the retirement funds are unlikely to meet their growth targets this year. Recent declines largely reflect trends in global capital and debt markets.
Funds overseen by the New Mexico State Investment Council had a negative 3.4 percent return on investment during January and February. The council oversees nearly $20 billion, including the state’s Land Grant Permanent and Severance Tax funds.