For the 100 largest public-employee pension systems
in the country, cash and security holdings totaled
$3,218.2 billion in the first quarter of 2014, reaching
the highest level since the survey began collecting data
in 1968. Cash and security holdings had a quarter-toquarter
increase of 0.5 percent, from $3,200.8 billion
last quarter, and a year-to-year increase of 9.4 percent,
from $2,941.2 billion in the first quarter of 2013. (Refer
to Figure 1.) Earnings on investments totaled $73.2
billion in the first quarter of 2014.