It’s been a rough week to say the least for the stock market, but how is that affecting Michigan’s $50 billion plus retirement fund?
The Michigan Department of Treasury, which oversees the fund, has seen big market drops before, but spokesperson Terry Stanton says the funds are not completely reliant on the stock market.
Traditionally about one-third has been in the stock market and the rest is in real estate, foreign markets and other financial investments.
As a result, he says the fund has weathered storms, and sometimes comes out ahead in the aftermath of big market declines.
More than 400,000 people receive checks through the state retirement fund.