Here’s another sign that the economy is improving. The state auditor released a report today that found the state’s large municipal pension funds had another positive year in 2010.
During 2010, rates of return for the large plans ranged from 12.0 percent (Minneapolis Fire) to 16.0 percent (Duluth Teachers’). All of the plans except for Minneapolis Fire were able to meet their respective benchmarks.
According to the report, the Minneapolis Fire fund narrowly missed its benchmark return of 12.3 percent. Researchers say the state’s funds suffered losses in 2008 and the first part of 2009 but are now on an upswing.
This may be the last report that includes the Minneapolis funds – they’re merging with statewide funds next year.