The largest U.S. public pension paid $9 million in bonuses last fiscal year, up 14 percent from a year earlier.

The rate increases were masked by federal subsidies that PPACA provides to 88 percent of Californians who purchased coverage through the states exchange, Insurance Commissioner Dave Jones said.

The California Public Employees Retirement System, the largest U.S. pension, reported an 18.4 percent gain on investments for the fiscal year ended June 30 as global stock indexes rose to records.

Labor leaders are now readying efforts to raise the minimum wage for a second consecutive year, increase paid family leave and institute better pay and benefits for retail and service workers.

Calpers said fees paid to external firms for performance more than doubled in the year that ended June 30 to $377.6 million, up from $165 million the previous year.

CalPERS, with a market value of $282.9 billion as of March 14, said publicly traded equity investments rose 12.7 percent through Jan. 31.

Joseph Dear, who as chief investment officer of the California Public Employees Retirement System rebuilt the biggest U.S. public pension after a $96 billion loss, died yesterday in Sacramento. He was 62.

Any plan must include higher contributions from teachers as well as more from schools and taxpayers, said Assembly Speaker John Perez, a Los Angeles Democrat.