Author Topic: WA State PERS3 Drops ~30%?  (Read 680 times)

fixie

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WA State PERS3 Drops ~30%?
« on: September 09, 2019, 10:07:56 AM »
Anyone else notice a disturbing drop in the Total Allocation Portfolio managed by WA state in the last 30 days?  I logged into my account and found it had dropped like 30% since the last time I checked!  Crazy!  There hasn't been a drop like that since 2009 or so.  I kept some of my portfolio here but now I think I will actively manage it myself from here on in.
How, when looking at the attached investment strategy, does one explain this precipitous drop?  Is it the Public Equity portion of the pie?  While my other accounts saw a smallish drop in this period(mostly US/Global equities), they have already recovered nicely.

And, if you're wondering, I called the plan and it did indeed see a crazy drop.  Not a hack or withdrawal or anything...
-fixie

kenmoremmm

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Re: WA State PERS3 Drops ~30%?
« Reply #1 on: September 09, 2019, 12:13:06 PM »
PTF

fixie

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Re: WA State PERS3 Drops ~30%?
« Reply #2 on: September 09, 2019, 02:37:56 PM »
UPDATE:  After a 2nd call this afternoon the representative at DRS for WA state told me that many people are calling in with the same disturbing news.  I was about to transfer everything out of my PERS3 WSIB investments into the Self-directed account and she asked me why I was doing that.
It took a few probing questions until she said that the plan administrator had alerted them this morning of "something going on."  This has to be some kind of mistake.  She made it sound like people were freaking out(customers and admin) and that they were working on it diligently.  No messages from the plan or admin. to this point.
I DO gotta say that their website is complete garbage, non-intuitive, and cumbersome.
So that's all that the fixie knows for now.  I decided not to move my funds until I heard something concrete.
-fixie

Travis

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Re: WA State PERS3 Drops ~30%?
« Reply #3 on: September 09, 2019, 08:07:40 PM »
Didn't Vanguard have a glitch in one of their funds a couple weeks ago where it posted an insane single-day drop, but it turned out to be a computer error?  Similar situation here?

beltim

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Re: WA State PERS3 Drops ~30%?
« Reply #4 on: September 10, 2019, 12:24:00 AM »
What is the time period of the drop?

Either way, it's crazy that the plan can't tell you what's going on.

fixie

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Re: WA State PERS3 Drops ~30%?
« Reply #5 on: September 10, 2019, 09:00:54 AM »
Update to the update:  Money suddenly appeared back in the account late last night.  No explanation given.  Nothing on the website either.  I even signed up for text alerts...nothing.
However, they have sent my concerns to their web support team...hahaha.
-fixie

simonsez

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Re: WA State PERS3 Drops ~30%?
« Reply #6 on: September 10, 2019, 03:19:17 PM »
Man, that is crazy!  Thanks for sharing, that is really poor global customer service.  I wonder how many people already made a change as a result of that drop (which might see like an error?) but didn't talk to anyone nor signed up for text alerts, etc.  People's livelihoods are being messed with!

I guess the lesson is check on accounts, even the long-term ones you might not touch for a long time, every so often?