July 14 (Bloomberg) — The California Public Employees' Retirement System, the largest U.S. pension, reported an 18.4 percent gain on investments for the fiscal year ended June 30 as global stock indexes rose to records.
Known as Calpers, the $299.4 billion fund earned 24.8 percent on its publicly traded equity holdings, according to an e-mailed statement released today. It has 54 percent of its money invested in stocks, its largest asset class.
The pension's funding level, the percentage available to provide retirees with promised benefits, is projected to grow to 76 percent, officials said. The gauge had declined to 69.6 percent through June 2012 after the fund lost more than a third of its value in the recession that ended in June 2009.
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