AUGUSTA – The world and national financial tailspin has caused the state pension system’s assets to drop from $10.5 billion in July to $7.6 billion now.

The Maine Public Employees Retirement System’s board chairman, Peter Leslie, told the Legislature’s Appropriations Committee on Thursday that declines on Wall Street have caused a nearly $3 billion loss in the system, whose members include 90,000 past and present state and municipal employees, including teachers.

“It puts us pretty much in the same boat as public retirement systems all around the country,” Leslie told the committee.

But the pension system’s executive director said there’s no need for immediate worry. Gail Drake Wright said there’s more than enough money in the system to pay benefits to retirees well into the future.