Description

This is the Michigan Teachers Pension fund report for 2008. The disclosure of the funds $9.2 Billion loss is only disclosed as an aside and hides the impact of that loss by using asset values nearly 2 years old when calculating its health (known as the funded ratio). The health of the fund is much worse off than disclosed -- not much different than using 401k values from two years ago in an attempt to deceive someone into believe their retirement fund is OK as of today.