You are not alone...the stock market has been brutal to everyone.  Here's a look at the the largest pension fund:

Don't feel bad if you've lost a fortune in the stock market during the recent Wall Street turmoil ---- so has one of the nation's largest, most sophisticated investment funds.

The California Public Employees' Retirement System, the pension fund used to pay the retirements of millions of government employees, has lost $24.9 billion over the last three months. The 10.4 percent loss is less than the Standard & Poor's 500, which dropped 13.6 percent in that time.

If the losses continue, California taxpayers could be faced with demands to make up shortfalls in funding the giant pension system.

On Monday alone, a dive in the stock markets wiped out $7.8 billion of the pension fund's investments.

C-SPAN reports 74-25....the bill passes the senate. 

The monthly premium for the basic Medicare drug benefit in 2009 is projected to average $28 -- $3 more than in 2008, according to the Centers for Medicare and Medicaid -- but consultants put the hikes for the most popular plans considerably higher.

But, although the $3 national average increase represents a 12% hike, premiums for the 10 most popular plans will increase by 31% according to Avalere Health, a Washington, D.C., consulting company.

The Wall Street Journal said the Avalere analysis found that the average premium increase for all plans would be 24%, reflecting a $7 increase from the 2008 average premium cost of $30.

UnitedHealth Group's AARP preferred plan, used by 2.7 million Medicare beneficiaries this year, will charge $37 a month next year, an increase of 15.5% from 2008.

Humana's basic plan will charge $40.83 in 2009, up from $9.51 in 2006, when the Humana plan was the cheapest available.

Bankrate.com's Safe & Sound^® service is a proprietary system designed to provide information on the relative financial strength and stability of U.S. commercial banks, savings institutions and credit unions. The system employs a series of twenty-two tests to measure the capital adequacy, asset quality, profitability, and liquidity (CAEL) of each rated financial institution.

The pension plans of five key corporations in the ongoing mortgage crisis are underfunded by $400 million, a situation that could put pressure on the bottom line of the already cash-strapped Pension Benefit Guaranty Corp. should it have to intervene in the underfunded plans.

PBGC Director Charles E.F. Millard said it is too soon to say whether it might have to get involved with any of the pension plans. But Millard told lawmakers at a congressional hearing that the plans of Lehman Brothers Holdings Inc.( LEHMQ), Fannie Mae (FNM), Freddie Mac (FRE), Indymac Bancorp Inc. (IDMC) and American International Group, Inc. (AIG) are underfunded by $400 million.

 FailureThe high stakes game of dominoes on Wall Street continues as the nation's largest savings bank, Washington Mutual, collapsed Thursday. As lawmakers in Washington wrangle over how to save Wall Street, the nation's financial crisis has taken down another bank, and not just any bank: the latest victim is the biggest yet.

Federal regulators seized the Seattle-based bank and sold its assets to J.P. Morgan Chase and Company for $1.9 billion. This is the second time in six months that Chase has taken over a bank crippled by bad bets on the mortgage market: in March, Chase acquired Bear Stearns

That makes 13 banks this year if you're counting.

Financial headlines aren't pretty right now.  Most of us have looked at our IRA and 401k balances in the last couple of weeks and seen the downdraft.   Most stock mutual funds are negative so far, with some of the bond funds showing positive returns.  Many of us who use money markets watched last week as a money market "broke the buck."  Many investors who use our web site are close to retirement.   USAToday.com provides some timely tips:  10 Secrets To A Financially Secure Retirement

Here's a few

Don't retire impulsively.

Each year, the Employee Benefit Research Institute surveys Americans, and every year without fail they tell the pollsters that they plan to retire at age 65. Regardless of what they say, though, retirees usually bail at age 62.

Seek pension help.

Those lucky enough to retire with a pension must often decide whether to take a lump sum or a lifetime of monthly checks. Grabbing that huge chunk of change all at once is exceedingly tempting, but retiring workers should consider consulting a pension actuary before making such a momentous decision.

Where do you find an actuary? The American Academy of Actuaries sponsors a program called the Pension Assistance List, which links pensioners who need assistance with actuaries who will provide up to four free hours of help. You can contact the academy at (202) 223-8196 or www.actuary.org.

Think healthy.

Regardless of your age, take care of your health and you'll probably save money. "Eat right, exercise and care for your teeth, eyes and ears," says Henry Hebeler, the creator of AnalyzeNow.com, a financial website geared toward retirees.

"By the time we get to retirement age," Hebeler adds, "health care costs are the single largest item in most of our budgets, and early prevention of health problems pays huge financial dividends."

Regulators closed on Friday Ameribank Inc, which became the 12th bank failure this year as the struggling economy and falling home prices take their toll on financial institutions.

The Federal Deposit Insurance Corp said the Northfork, West Virginia-based bank had $115 million in assets and $102 million in deposits as of June 30. The failure is expected to cost the U.S. bank deposit insurance fund about $42 million.

Several readers wanted more information on SIPC and FDIC.   Brokerage firms are backed by SIPC and your CD is insured by the FDIC.  

The Sunday Wall Street Journal provides details:

Even when a brokerage firm totters, the securities in your brokerage account are generally secure. So investors unnerved by last week's bankruptcy filing by Lehman Brothers Holdings and by Merrill Lynch's abrupt sale to Bank of America can cross at least one worry off their lists.

When SIPC gets involved after a failure, funds from the SIPC reserve are available to satisfy remaining claims of up to $500,000 per depositor per account. Of that amount, a maximum of $100,000 on claims for cash is included. If you have a retirement account in addition to other investments at a brokerage firm, each account would be protected up to the $500,000 maximum. For more information, see SIPC.org.

FDIC details from helpwithmybank.gov

All national banks are required to insure customer deposits with insurance from the FDIC. At insured banks, the FDIC insures all deposits up to the insurance limit. This includes money deposited in the following accounts:

• checking accounts
• NOW accounts
• savings accounts
• money market deposit accounts
• certificates of deposit (CDs)

The FDIC does not insure the money you invest in the following products, even if they were purchased from a bank with FDIC insurance:

• stocks
• bonds
• mutual funds
• life insurance policies
• annuities
• municipal securities