The North Carolina pension system, which is facing scrutiny overpast investment practices, posted a gain of 12.28 percent in 2013, with equitiesmore than doubling that rate of return.

State Treasurer Janet Cowell, who is one of the few publicpension administrators empowered to act as sole fiduciary, reportedthat the fund ended last year with $86 billion in assets, a rise of$8 billion for the year. Stock gains were 26.24 percent for theyear.

Other parts of the portfolio performed well, too, with credit up7.6 percent, real estate 11.56 percent and private equity gaining11.72. Fixed income bonds had a loss of 3.49 percent.

The fund is the 11^th largest public retirement systemin the country and covers 875,000 employees and retirees, includingteachers, state workers, firefighter and police officers.

In a recent interview, Cowell said that although she hadsole power to make investments in the fund, the General Assemblyprovided a check and balance to the process. Still, she hasappointed a commission to consider how the pension system is runand whether the lines of authority should be changed.

The state employees union, SEIU Local 2008, last month hiredBenchmark Financial Services Inc. to look into the fund’sinvestments and whether it paid exorbitant fees. Benchmark said anyviolations it finds as a result of its forensic audit would beforwarded to the Securities and Exchange Commission.

In general, the North Carolina pension fund is well funded. APew Charitable Trusts report in 2012 found the system was 96percent funded.