ANNAPOLIS (AP) -- The value of Maryland's public pension fund has fallen by more than 20 percent over the past year.
The stocks and other investments held by the Maryland State Retirement and Pension System hit a peak of $40.9 billion in 2007. But state officials say it had shrank to $28.5 billion as of June 30.
The drop could force the state to dedicate additional money to cover employee retirement costs.
Dean Kenderdine, executive director of the pension system, says the news could have been worse. He says the system has regained almost $4 billion since February.