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By Michael Pramik, Ohio Public Employees Retirement System
March 16, 2023 – OPERS encourages all members and retirees to subscribe to the PERSpective blog, our weekly update on your retirement system.
PERSpective provides a convenient way for our members and stakeholders to communicate with us and to learn about important pension and health care issues.
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Michael Pramik
Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.
Are the investments that you make with the portfolio safe in light of the recent banking collapse?
Mark,
Yes. OPERS maintains a diversified, global investment portfolio that is intended to manage risk, reduce volatility and ultimately produce investment returns that enable OPERS to fund retirement benefits.
The short-term performance of an individual security does not impact our ability to deliver these retirement benefits to our members.
On March 10, OPERS had 30,125 shares of Silicon Valley Bank worth $3.2M and 31,796 shares of Signature Bank worth $2.2M. That total represents less than 1 one-hundredth of 1 percent (0.0058%) of our Defined Benefit Fund, which stood at $92.5 billion at the end of 2022.
Is the US Government going to backstop the pension funds to prevent losses like they are doing with other depositors and investors?
GJK,
OPERS is well-funded, and we are not subject to the same federal oversight as banks. In fact, state pensions are not guaranteed at any level by the federal government.
Best retirement system. Anywhere!