Vermont pension funds announce '04 returns

Vermont State Retirement System, Montpelier, announced 2004 returns for its three pension funds: the $1.3 billion State Teachers' Retirement System, 12.9%; the $1.1 billion State Employees' Retirement System, 11.5%; and the $239 million Vermont Municipal Employees' Retirement System, 10.1%, according to reports from Vermont Treasurer Jeb Spaulding. In the fourth quarter, the teachers' fund returned 9.1%; the state employees' fund, 7.7%; and the municipal employees fund, 7.1%, according to the reports, prepared by the systems' investment consultant, New England Pension Consultants.(correction appended)