Lagging national and international investments dragged down the performance of Minnesota’s large public pension plans in 2011, according to a new report by the state auditor.

The Bloomington Fire Department Relief Association, the Duluth Teachers’ Retirement Fund Association and the St. Paul Teachers’ Retirement Fund Association all failed to meet their respective investment targets for the year.

Duluth Teachers’ pension performed the worst, losing nearly a percent for the year. Bloomington Fire did the best, gaining just .3 percent in 2011.

“The returns weren’t very good for 2011, but they were significantly improved for 2012,” said Larry Martin, executive director of the Legislative Commission on Pensions and Retirement.

None of the large plans were able to meet their financial targets over the last ten years.

St. Paul teachers had the best investment performance over the last decade, up 5.9 percent. Bloomington Fire grew 3.3 percent and Duluth Teachers swelled by 3.8 percent.

The auditor’s office found that overall pension performance matched or exceeded results of the financial markets.



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