INDIANAPOLIS — The leader of Indiana's pension fund for retiring public employees and teachers says the fund's assets grew to a record high of $30.2 billion during the 2014 budget year.
Indiana Public Retirement System Executive Director Steve Russo told a legislative committee last week that "it was a very good, and some might say, a great year" for the pension fund. The fund's 13.7 percent investment return was more than double the 6.75 percent target.
The Times of Munster reports (http://bit.ly/1ut0HPI ) 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.
Pension experts generally consider a funding ratio of at least 80 percent satisfactory to meet future payment obligations.
Information from: The Times, http://www.thetimesonline.com
All content copyright ©2014 Daily Journal, a division of Home News Enterprises unless otherwise noted.