Michigan Public School Employees Retirement System returned 12.6% in the year ended Dec. 31, trailing the 15.1% return of its policy benchmark, but exceeding its 7.7% expected rate of return, according to materials for the Thursday meeting of the Michigan Bureau of Investments.
The $38.4 billion school employees' defined benefit plan is the largest of the four retirement systems managed by the bureau. As of Dec. 31, the bureau managed aggregate defined benefit plan assets of $51 billion and a total of $5.2 billion in defined contribution plan assets.
One-year returns of the $9.378 billion Michigan State Employees Retirement System, the $1.076 billion Michigan State Police Retirement System, and the $244 million Michigan Judges Retirement System were very close to those of the school employees' fund.
The investment bureau and the four pension funds all are in Lansing.
