The California Public Employees Retirement system says its portfolio grew by more than 16 percent last year.
The returns were boosted by a run-up in stock prices.
The performance more than doubled CALPERS' official forecast of seven-and-a-half percent.
However, the retirement system still has a long-term shortfall, due largely to the huge losses suffered during the 2008 stock market crash.
CALPERS' board is expected to consider an increase in contribution rates next month.
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