Posted at: 08/21/2014 10:26 AM
By: The Associated Press
SANTA FE, N.M. (AP) - New Mexico's educational pension program reports that strong investment returns helped the retirement fund grow by more than $1 billion in the past year.
The Educational Retirement Board said the fund had assets of nearly $11.3 billion as of June 30 at the end of the 2014 budget year. That's up from about $10.1 billion a year ago.
The pension fund earned investment returns of 14.5 percent during the fiscal year, which was above its annual target of 7.75 percent.
During the past 10 years, the fund has averaged an annual net-of-fees return of 7.3 percent and 12.6 percent in the past five years.
The educational pension program covers about 35,000 retirees and 65,000 workers ranging from public school teachers and principals to college faculty.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)