CHEYENNE - The market value of Wyoming's public employee pension fund is down 25 percent in the current financial crisis.

Thom Williams, executive director of the Wyoming State Retirement System, said Wednesday that the market value of the fund's investments was about $4.7 billion as of the end of October, the latest figures available. That's down from $6.2 billion at the end of June.

"We're doing comparable to other large pension systems, and perhaps better than many," Williams said.

Williams emphasized that the fund is having no trouble meeting its obligations to the roughly 19,000 retired public employees. He said the fund is currently taking in contributions from about 38,000 public employees.

"We have more than sufficient cash flow to meet all of our foreseeable and current obligations," Williams said, adding that contributions from current employees alone cover the system's obligation to pay retirees.

"That's one of the critical advantages that a public pension system like the Wyoming system has over other investors," Williams said. He said that it has enough income that it's not forced to sell its holdings when the market is down.

"In broad, I think the Wyoming retirement system is particularly well positioned to benefit from the recovery that we think is inevitable," Williams said.

"We amortize our obligations over a 30-year period," Williams said. "And as a long term investor, we don't find ourselves spooked by any significant volatility, up or down, over the short term."

Gov. Dave Freudenthal's recommended budget calls for the Wyoming Legislature to set aside $150 million to cover retirement obligations to public school teachers who have yet to retire. Recent steep increases in teacher salaries mean that they stand to get retirement benefits that exceed their past contributions to the system.

Williams said he doesn't see the need for any other immediate infusion of cash to cover state employee retirement benefits. He said a review of contribution rates is under way.

The current state employee contribution rate of 11.25 percent to the retirement system has been in place since 1978, Williams said.

"My view is that we'll want to consider some modest increase over time to assure the continued funding of the program at its current levels," Williams said of the contribution level. He said he expects the Legislature will discuss the prospect of raising the rate when it convenes next month.