(Bloomberg) -- U.S. state and local-government pension investments gained the most in two years in fiscal 2013, overshadowed by intensifying scrutiny of underfunded municipal- retirement plans following Detroit’s record bankruptcy.
Public pensions booked a median gain of 12.4% for the 12 months through June, powered by a surge in U.S. stock prices to a record, Wilshire Associates said Tuesday in a report. The funds chalked up an annualized three-year median return of 11.4% while their assets surpassed a pre-recession peak to reach $2.9 trillion, according to U.S. Census Bureau figures.
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