CHARLESTON, W.Va. (AP) — A strong stock market helped the West Virginia Investment Management Board grow the state’s asset portfolio by more than $1.3 billion during the 2012-2013 budget year.
The Charleston Gazette reports that the board had total assets of $14.54 billion as of June 30.
A fiscal 2013 investment performance review shows that assets in state pension funds grew by 12.8 percent for the budget year.
Under legislation to fully fund pension plans for state and public school employees, pension plan assets have to grow by 7.5 percent a year or the Legislature has to make up the difference using state general revenue funds.
The largest state pension plan, the Teachers’ Retirement System, grew by $733 million in fiscal 2013. The Public Employees’ Retirement System grew $482 million.