Investment returns for the state’s two largest pension plans significantly outperformed expectations in the last fiscal year, State Treasurer Denise Nappier said Monday, rebounding from a poor showing the year prior.
The Teachers’ Retirement Fund and the State Employees’ Retirement Fund posted returns of 14.4 percent and 14.34 percent, respectively, for the fiscal year that ended June 30. The state’s projections for the two funds were 8 percent and 6.9 percent.
Those two funds account for 90 percent of the state’s $32.4 billion in pension accounts. The average return across all investments was 14.20 percent.
This year’s returns were driven by strong performances in...