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By CHET BROKAW Associated Press Writer PIERRE, S.D. (AP) The stock market plunge has caused large losses for the South Dakota Retirement System and several state trust funds.

State Investment Officer Matt Clark told South Dakota lawmakers the Retirement System has lost an estimated 27 percent since the beginning of the budget year on July 1.

Clark says three trust funds that contribute money to the state budget are down by about 18 percent so far.

He says unless the market rebounds quickly, one trust fund will be unable to contribute the roughly $15 million that has gone to education in recent years.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 11-17-08 1041CST | save this article / add to your favorites list