N.M. education pension fund earns 11% investment return
Fri, 06 Sep 2013 15:03:46 GMT —
SANTA FE, N.M. (AP) - New Mexico's educational pension fund has grown by about $700 million during the past year because of strong investment returns.
The Educational Retirement Board reports that the pension fund's assets were valued at $10.1 billion at the end of June. That's up from $9.4 billion a year ago.
The fund had an investment return of 11 percent during the past fiscal year. It has averaged a 10.7 percent annual return over the past three years and 7.6 percent annually during the last decade.
The board has set a target of earning 7.75 percent yearly investment returns.
The educational pension program covers about 37,000 retirees and 61,000 workers ranging from public school teachers and principals to college faculty.
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