By Michael B. Marois – Jul 15, 2013 10:56 AM PT

The California Public Employees’ Retirement System, the largest U.S. pension, had a 12.5 percent gain on investments for the fiscal year ended June 30 as global stock indexes rose to records.

Known as Calpers, the $262 billion fund earned 19 percent on its publicly traded equity holdings, according to Chief Investment Officer Joe Dear. He reviewed the figures today at a meeting of the system’s governing board in Petaluma, California.

Separately, the California State Teachers’ Retirement System, the second-biggest pension, said it earned 13.8 percent in the same period, Michael Sicilia, a spokesman, said in a telephone interview.

Calpers assets passed a pre-recession high of $260.6 billion in May, five years after the global financial crisis wiped out more than a third of its value. Local governments and state agencies have been forced to help make up the loss and cover benefits promised to employees. The system serves about 1.7 million members.

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