Pensionary Tales

The investment holdings of the 100 largest state and local public pension systems fell 1.5% from $2.76 trillion to $2.72 trillion in the second quarter of 2012, according to a U.S. Census Bureau survey released yesterday. The total cash and security holdings of these pensions, which comprise more than 89% of activity amongst public employee pension systems, fell 2.2% from the $2.78 trillion of pension fund holdings in the second quarter of 2011. Prior to the second quarter of this year, pension holdings had risen for three consecutive quarters. Total contributions to these pension systems also fell following three consecutive quarterly increases, dipping from $33.4 billion to $31.6 billion, a 5.4% decline. Total payments dropped slightly, from $54.9 billion in the first quarter to $53.4 in the second quarter, a 2.7% decline.