The $281 billion fund earned 25.6 percent on its publicly traded equity holdings while private equity, which lags three months, gained 19 percent through the end of September.

Brown also said hell back a constitutional amendment to stockpile unpredictable capital-gains taxes and deal with looming shortfalls in public pensions.

An 87-basis-point surge in interest rates and an 11.2 percent investment gain in 2013 powered a historic year in corporate pension funded status improvement, gaining $318 billion for the year.

Retirees in poor health were less likely than healthier counterparts to select a life annuity, indicating that a persons perceived longevity impacts investment choices