California's biggest public pension system is reporting its biggest annual investment gains in a decade.
The Sacramento Bee reports the California Public Employees' Retirement System said Monday that its portfolio grew by 16.2 percent last year, boosted by a run-up in stock prices.
The performance more than doubled CalPERS' official forecast of 7.5 percent, and showed an improvement over the 13.3 percent the pension fund earned in 2012.
The newspaper says despite those gains, CalPERS is still in a financial hole, largely the result of huge losses suffered during the 2008 market crash. While it has plenty of cash to pay its bills for the foreseeable future, the pension fund is facing a long-term shortfall of over $100 billion.
The fund's governing board will consider an increase in contribution rates next month.