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SALT LAKE CITY (AP) -- The pension fund for Utah's public employee retirement system has fallen by $5.6 billion.
At the end of 2007, the fund was at $23.9 billion; at the end of 2008 it was at $18.3 billion.
Robert Newman, executive director of the Utah Retirement Systems, says the trend has continued since the end of last year, but updated numbers aren't yet available.
An audit of the retirement system released Tuesday says some of the fees the retirement system is paying its investment advisers have nearly tripled between 2002 and 2007, to $63 million. The audit also says the salaries for managing the Utah system were higher than in other states on a per-member basis.
A consultant is looking at the system's salary information and investment adviser fees.
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Information from: The Salt Lake Tribune
(Copyright 2009 by The Associated Press. All Rights Reserved.)
