City pension fund lost $5.7 million in eight months
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The city of Pittsburgh's troubled pension fund lost ground in recent months as a stock market swoon caused earnings to fall behind payouts.
As of last week, the fund contained $341.9 million, down from $347.6 million at the beginning of the year, management firm Hirtle, Callaghan & Co. told the fund's board at its quarterly meeting yesterday. It should ideally contain $843 million to cover current and future obligations.
The fund's board voted to create a committee to pick from among 19 firms that want to manage the fund. Of board members, only firefighters union President Joe King voted no, arguing that Hirtle, Callaghan has done a good job in 12 years of managing a fund that once faced insolvency.
"We start bringing in new people, we'll be starting over," he said.
First Published August 31, 2007 12:00 am