CHARLESTON,
W.Va. (AP) — The value of West Virginia’s investments dropped about
7.5% after the stock market downturn due to the new coronavirus, the
executive director of the Investment Management Board said.

Craig
Slaughter told the Consolidated Public Retirement Board on Wednesday
that state investment assets fell about 4% in February and about 10% in
March. Some of those losses were recovered in April, The Charleston Gazette-Mail reported.

Entering
the downturn, the Investment Management Board had total fund assets of
about $19.7 billion, while state pension fund assets were about $15.9
billion.

Slaughter said markets are likely to remain volatile, especially if coronavirus infections surge again later this year.

Consolidated
Public Retirement Board Executive Director Jeffery Fleck said the value
of investments in a 401(k)-style retirement plan for educators has
dropped nearly 12% to $507 million since January.

Under
state law, the legislature must redirect revenue to fund public teacher
and employee pension plans if those assets don’t grow by 7.5% annually.

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