State says pension fund growth in 2014 exceeded benchmark

 (AP) — State officials say growth in Rhode Island's state pension fund exceeded its benchmark in 2014, but it lagged industry standards.

The Providence Journal reports (http://bit.ly/ICCSmb ) the pension fund grew by 4.5 percent for the year ending Dec. 31. General Treasurer Seth Magaziner said it exceeded the pension system's 4.4 percent benchmark.

In contrast, the Dow Jones Industrial Average ended 2014 up 7.5 percent. The Standard & Poor's 500 index, a broader measure, was up 11.4 percent.

The value of the portfolio has decreased by $105.8 million, to $7.96 billion since the fiscal year began July 1.