Business/In Brief • May 15, 2014
HONOLULU – The assets of the state’s largest public pension fund have reached an all-time high.
The Honolulu Star-Advertiser reported that the state Employees’ Retirement System had $13.7 billion at the end of the fiscal third quarter. That translated to a 1.5 percent investment gain for the quarter that ended at the end of March, and it boosted returns to 12.5 percent for first three quarters.
The fund provides retirement, disability and survivor benefits to more than 115,000 eligible state and county employees.
Fund managers say the fund needs an annual 7.75 percent fiscal-year return to help meet commitments.
Despite record assets, the fund is still below its pension obligation. As of June 30, it was only 60 percent funded. However, the fund is on track to be fully funded by 2041.