(Bloomberg) — – U.S. city and county pensions had 73 percent of assets required to meet obligations to retirees in fiscal 2013, up from 69 percent in the prior year, according to Wilshire Consulting.

Funding levels for more than 100 retirement systems reviewed by Santa Monica, California-based Wilshire rose faster than liabilities, narrowing the combined gap to $160.7 billion from $176.9 billion.

"Global stock markets rallied strongly over the 12 months ended June 30, 2013, offsetting weaker performance by global fixed income," Wilshire said today in a news release.

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