Posted at 1:38 p.m., Monday, November 13, 2006
State pension fund earns 3.63% in latest quarter
Advertiser StaffThe state Employees' Retirement System earned a 3.63 percent return on its investments during the three months ended Sept. 30, increasing its assets by about $260 million to $10.2 billion.
"Bottom line, the news is good," Janet Becker-Wold of consultant Callan Associates told the ERS board of trustees at a meeting today.
While the overall results were respectable, Becker-Wold said the increase could have been better if not for underperformance by its large-capitalization stock managers and low returns on overseas fixed-income investments.
She said market trends may now be favorable for the investments held by the large-cap stock managers and that the fixed income, while performing poorly during the quarter, had done well for the pension fund in the past.