Nevada’s Public Employees Retirement System saw a double-digit percentage gain in value during the last fiscal year.
The 12.4 percent return on investment amounts to $2.9 billion, bringing the system’s total assets to $28.7 billion.
PERS Executive Director Dana Bilyeu tells the Las Vegas Review-Journal (http://bit.ly/14b2CPO) that the results exceeded a goal of 8 percent gains.
The 2013 return followed a 2.9 percent gain in 2012, a record 21 percent gain in 2011 and a 10.8 percent return in 2010.
Bilyeu says the fund’s annualized return for the last 29 years is 9.3 percent, 1.3 percentage points above performance targets.
An update on the system’s long-term unfunded liability will be reported in November.