Solid gains over the past year at Texas’ two largest public pension funds yielded sizable bonuses for investment officials, newly released information shows.
The $23 billion Employees Retirement System of Texas earned a 10.1 percent return and will give bonuses of $2.7 million, which is paid out over three years.
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Kate Alexander has covered the state budget since the 2009 legislative session and written extensively about state taxes and spending; state employee pay; and pensions and school finance.
TEXAS PENSION FUNDS
Teacher Retirement System of Texas
Assets: $117 billion
Investment return: 8.9 percent
Long-term outlook: Actuarially sound for the first time since 2001 due to changes in contributions, benefits
Employees Retirement System of Texas
Assets: $23 billion
Investment return: 10.1 percent
Long-term outlook: Runs out of assets to cover pension obligations in 2052 without changes to contributions, benefits