Alabama Pension Problems?

State pension fund has Bear Stearns stock, but CEO David Bronner says it represents a tiny part of overall pension fund's $20 billion in stocks.

By: Jennifer Rogers | WKRG-TV
Published: March 18, 2008

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MONTGOMERY, Ala. (AP) - Alabama's pension system has 73,150
shares of Bear Stearns stock, which dropped dramatically in share
value in recent days and is affected by the acquisition plans of
JPMorgan Chase & Co.
David Bronner, CEO of the Retirement Systems of Alabama, said
yesterday the Bear Stearns stock represents a tiny part of the
pension fund's $20 billion in stocks.
JPMorgan Chase & Co. has announced plans to acquire the
financially troubled Bear Stearns for $2 per share. It had been at
about $80 a share in recent days. Bear Stearns stock was trading
above the offering price yesterday afternoon.
Bronner said the pension fund invests in a broad range of
companies in the S&P 500 index, and the bigger concern is the whole
market, not just Bear Stearns.
The Retirement Systems also has a $15 million bond from Bear
Stearns, which Bronner said had gone up in value since the JPMorgan
announcement.