Texas Employees Retirement System, Austin, saw returns for its $29.4 billion defined benefit plan lag those of the policy benchmark for shorter terms ended Dec. 31, but the pension fund outperformed the benchmark over longer periods measured by the system.
For the quarter ended Dec. 31, the plan returned a net 3.9% compared with 4.3% for the benchmark. For the 12-month period, the pension fund produced a 14.4% return vs. 16.6% for the benchmark.
Annualized returns over multiyear periods were three years, 9.3% (benchmark, 8.8%); five years, 7.1% (6.9%); and 10 years, 7.9% (7.7%).
