Montana’s state pension funds have lost $1.7 billion, or 22% of their value, over the past six months, the Associated Press reported this week.

Carroll South — who oversees retirement funds for police officers, firefighters, teachers, and other public employees as executive director of Montana Board of Investments — told the wire service that the loss was the biggest the state has ever suffered.

Since October 2007, the funds have fallen in value by $2.2 billion.

State budget director David Ewer said it’s still too soon to know what the state should do about the decline in its ­investments.

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