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Wednesday, September 24, 2014

Ind. Gov't. - "Indiana pension fund assets grow to record high"

An AP story today in the Gary Post-Tribune begins:

Indiana’s pension fund for public employees and teachers has grown to a record high of $30.2 billion in assets thanks to “a great year” of returns on its investments, the fund’s leader says.

The pension fund’s investment return for the 2014 budget year that ended June 30 was 13.7 percent — or more than double the 6.75 percent target, said Steve Russo, the executive director of the Indiana Public Retirement System.

“It was a very good, and some might say, a great year,” Russo told the Legislature’s Pension Management Oversight Committee last week.

With its 11 percent growth in net assets over 2013, the fund’s growth in net assets means the combined funded status of Indiana’s seven pre-paid pension programs for state and local public employees and teachers now stands at 88.9 percent, up from 85.3 percent.

Pension experts generally consider a funding ratio of at least 80 percent satisfactory to meet future payment obligations.

Posted by Marcia Oddi on September 24, 2014 12:51 PM
Posted to Indiana Government