Vermont State Retirement System, Montpelier, announced 2004 returns...

Vermont State Retirement System, Montpelier, announced 2004 returns for its three pension funds: the $1.3 billion State Teachers' Retirement System, 10.2%; the $1.1 billion State Employees' Retirement System, 7.3%; and the $239 million Vermont Municipal Employees' Retirement System, 14.1%, according to reports from Vermont Treasurer Jeb Spaulding. In the fourth quarter, the teachers' fund returned 8.6%; the state employees' fund, 6.2%; and the municipal employees fund, 8.1%, according to the reports, prepared by the systems' investment consultant, New England Pension Consultants.