The state Employees’ Retirement System reported a nearly $700 million gain in its investment portfolio in the three months ended June 30.
The surge in the portfolio helped blunt some of the losses over the last year, with the ERS reporting it ended its fiscal year at $8.82 billion.

That was down $2.03 billion from a year earlier. The portfolio losses occurred as stocks slid following Wall Street’s financial crisis last fall.
Neil Rue, a managing director of ERS adviser Pension Consulting Alliance, said recent quarter’s gain was historic and occurred as markets rallied. He said some of the gains continued into July.
“It was a very big quarter for your portfolio,” Rue, told ERS trustees at a meeting today.