Robert Leggett, asset manager for the Kentucky Retirement Systems, said what started as $8.4 million in WorldCom stock was worth about $492,000 Thursday morning.
noted, "Until you actually sell it, you haven't lost it."
In a separate investment, Leggett
agency bought a WorldCom bond for $6.8 million.Its value was down to about $4.4 million. Kentucky Retirement Systems
is an umbrella agency for multiple retirement systems of state, city, county employees and Kentucky State Police employees.It has about 230,000 active members and beneficiaries. Leggett
and Reagan said their agencies each had more than $12 billion in assets, and their members were unlikely to feel any effects of the WorldCom losses.