"State pensions earned a median 7.2% annualized return over the 10 years ended June 30, 2013, with individual pension fund returns ranging from 5.0% to 8.8%.... Nearly all state pensions earned 10-year returns that exceeded the 6.4% return that would have been achieved by a simple 60/40 'buy and hold' mix of stock and bond index funds.... State pensions outperformed managed defined contribution plan returns by 0.9% over the last 10 years, represented by the average return on target date funds."

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