The state’s pension fund beat expectations last fiscal year, earning a 17.4 percent return on investments and ending 2013-14 with a market value of $149.1 billion, the State Board of Administration announced Tuesday.
That return was stronger than the previous fiscal year’s 13 percent return.
All of the fund’s investments paid off last year, the board’s press release said. That resulted in a $16.7 billion reserve, even after paying out $5.9 billion in benefits last year.
The board manages and invests funds for the Florida Retirement System, to which about 900,000 current employees and retirees are members.