665 Days Of Pension Recovery
January 4th, 2011 Report to the Jacksonville City Council-- (View PDF Here)
Many observers have speculated that the stock market may have hit its trough on March 9th, 2009 during this market cycle.
Since March 9th, 2009, all market indicies have recovered handsomely. This recovery is evidenced by the $337.4 million in market value gains that have been registered by the Jacksonville Police and Fire and Pension Fund between March 9th, 2009, and January 3rd, 2011.
This advancement represents a return of 48.65% over this 665 day period.
The following table reflects the past updates that have been previously provided to the Pension Sustainability Committee as we have tracked the progress of the current market recovery.
| DATE | MARKET VALUE GAINS | |
|---|---|---|
| 06-16-09 | $122.5 Million | 17.66% |
| 08-04-09 | $163.9 Million | 23.63% |
| 09-08-09 | $178.1 Million | 25.76% |
| 11-17-09 | $210.2 Million | 30.32% |
| 01-19-10 | $236.1 Million | 34.05% |
| 03-09-10 | $231.1 Million | 33.33% |
| 04-17-10 | $263.5 Million | 38.00% |
| 01-03-11 | $337.4 Million | 48.65% |
A similar recovery of 50% or about $542 million has been experienced by the General Employee's Pension Fund. This means that all of the city's pension plans have increased by $879 million over the last 665 days.
In addition, a survey released on January 4th indicates that Wall Street experts believe the the Standard and Poors 500 will increase by 11% in 2011. View Article
Also attached is a chart that tracks the market value of the Police and Fire Pension Fund portfolio on a monthly basis since September of 2007. This chart documents the fact that the Fund has now recovered from the market crash that commenced in September of 2008.
CHARTS AND GRAPHS
Pension Comparisons
What do pensions have in common with sick children, The Florida Lottery, Door Burners, the Book of Genesis, and the Katrina Twins???