BOSTON (AP)— The Massachusetts state pension fund outperformed the strong stock market and added nearly $5 billion to its assets in 2012.
State officials said Tuesday the $51.9 billion pension fund posted a gain of almost 14 percent on its investments last year. The broad Standard & Poor's 500 stock index rose 13.4 percent in 2012.
The Boston Globe (http://b.globe.com/VI5b8P ) reports that the Pension Reserves Investment Management board, which oversees the fund, said the return also outpaced an internal benchmark.
The fund invests retirement money for 522,792 retired and active workers with the state and many cities and towns, including teachers.
The board's executive director, Michael Trotsky, called the performance strong. The fund plunged nearly 24 percent in the 2008-2009 financial crisis.
© 2017 Cox Media Group.