INDIANAPOLIS - An annual report says Indiana’s account that pays state employees’ pensions was 99% funded at the start of the 2008 fiscal year — better than similar funds in other states.

Public Employees’ Retirement Fund executive director Terren Magid says he’s pleased with the fund’s performance at the July 1st, 2007, start of the 2008 fiscal year.

The fund’s assets grew by nearly $2.5 billion during the fiscal year that ended in June.

A recent report by the Pew Charitable Trust found that Indiana is more than $10 billion short of funding pensions that will be owed to retired state workers in the next three decades.

But the report found that part of the state’s problem is an underfunded teacher pension system.

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