The Hawaii Employees' Retirement System, Honolulu, earned a 10.74% return on its investments for the year ended Sept. 30, said Kimo Blaisdell, CIO at the $10.2 billion system. That compares with 10.8% for the system's composite benchmark. For the three months ended Sept. 30, the system returned 3.63%, compared with 3.81% for the benchmark, he said. The lags were due to underperformance by domestic equity holdings, Mr. Blaisdell said. The fund has 43.1% of assets in domestic equities.