By November 12, 2019 Read More →

Report: W.Va. investment earnings come up short for 2018-19

By Phil Kabler, Charleston Gazette-Mail

CHARLESTON, W.Va. — According to a newly released annual report, the West Virginia Investment Management Board had a good, but not great, 2018-19 budget year managing the state’s portfolio of nearly $20 billion in investments.

State pension funds, which account for the vast majority of the investments, grew in value by 6.0 percent for the year — less than the 7.5 percent benchmark needed to fully fund pensions for public employees, teachers and judges — as total IMB assets grew from $19.51 billion on June 30, 2018, to nearly $19.99 billion.

However, over the past 10 years, those investments have averaged 10.2 percent annual growth, exceeding the goal of 8.5 percent annual growth over 10-year time periods. …

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