Iowa Public Employees' Retirement System, Des Moines, reported an 11.25% return for the fiscal year ended June 30. The $19 billion system returned an annualized 10.15% for three years ended June 30, 3.89% for five years and 9.93% for 10 years, outperforming the Wilshire TUCS universe of public funds with more than $1 billion each in assets.
By contrast, Iowa PERS' customized benchmark returned 10.76% for the year, 10.49% for three years, 3.97% for five years, and 9.05% for 10 years, the statement said.
"I'm proud of our performance. Unfortunately, our success can't alter the reality that retirement costs are increasing," Donna M. Mueller, system CEO, said in a statement. "The work force is aging. The age of public employees who join IPERS is increasing. Retirees are living longer. Our investments are successful, but we must have adequate contributions to invest." Ms. Mueller has asked the Iowa Legislature, which sets policies for the system, to increase contributions.