32 pages. "One-year investment returns reached an average of 9.47% for responding systems with a fiscal year-end date in the first half of 2024.... Combined investment manager and administrative expenses have risen from 57 basis points (or 0.57%) for systems with fiscal year ends in the first half of 2020, to 73 basis points (or 0.73%) for first half 2024 fiscal year systems.... Top priorities for 2025 include improving cybersecurity and fraud prevention systems, sustaining target funding levels, and updating/acquiring a pension administration system."  MORE >>