Posted at 11:50 a.m., Wednesday, May 30, 2007
State pension fund earnings up 2.3% in 1st quarter
Advertiser Staff
The Hawai'i Employees' Retirement System, the biggest pension fund in the state, earned a 2.3 percent return on its investments in the three months ended March 31.That was lower than the 2.6 percent benchmark set for the fund during that time frame as investment managers concentrating on U.S. companies with large market values and international stocks performed below expectations.
The fund did manage to increase $206.6 million during the quarter, according to Pension Consulting Alliance Inc., the ERS's new investment consultant. It said at the end of March the fund, minus benefit payments, totaled $10.9 billion. As of today the fund's value was up to $11.1 billion, the consultant said.
