Stock Market and LASERS

Market Statement October 12, 2008
 
Statement from LASERS Executive Director Cindy Rougeou:
 
   As the uncertainty in the financial markets continues, we at LASERS have been hearing from many members who are expressing their concerns.  While it certainly can be unsettling to hear a daily drumbeat of news of an uncertain future in the media, there is a bottom line in which LASERS members can take comfort, one that we continue to emphasize in these difficult times.  Your defined benefit is constitutionally protected and secure.
 
   LASERS is a long-term investor.  We have a well managed, diversified portfolio of securities.  Any company-specific risk is very small.  One of the bright spots recently was our 2008 fiscal year actuarial returns that was 8.49%.
 
   The retirement system does not feel the direct impact of market highs or lows because we rely on an actuarial valuation at the end of each fiscal year, which in this case is June 30th, rather than a market valuation.  That also means we take into account three years of returns rather than just one.
 
   You can rely on the fact that our Board and our investment team are meeting the challenge of protecting your benefits by investing for the long term.  LASERS is committed to maintaining a solid, predictable investment for your future.