State pension fund sees greatest return in three years in 2016

GENERAL TREASURER Seth Magaziner said the pension system outperformed the state's benchmarks in 2016 and earned more than $500 million for the pension system. / PBN FILE PHOTO/ MICHAEL SALERNO
GENERAL TREASURER Seth Magaziner said the pension system outperformed the state's benchmarks in 2016 and earned more than $500 million for the pension system. / PBN FILE PHOTO/ MICHAEL SALERNO
PROVIDENCE – The state’s $7.7 billion pension fund realized a 7.4 percent – or $530 million – gain on investment during 2016, marking the greatest return since 2013. The fund performance fell short of its 7.5 percent target return, but outpaced its internal benchmark plan, which returned 6.4 percent, and a standard 60 percent stock,…

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