The California State Teachers’ Retirement System, the second-biggest U.S. public pension, said it earned an estimated 18.6 percent in the fiscal year that ended June 30 as global stock prices rose.

Chief Investment Officer Christopher Ailman, who released the figure during a meeting of the system’s governing board in Sacramento, said details would be made public July 14. The fund earned 13.8 percent in the previous fiscal year, up from 1.8 percent in 2012. It lost 25 percent in 2009 as the 18-month recession that ended in June of that year pummeled markets.

Governor Jerry Brown last month signed a bill to close the $74 billion funding gap in the pension over 32 years by requiring higher payments by teachers, school districts and the state.

The California Public Employees’ Retirement System, the biggest in the U.S. with $299 billion under management, has yet to release year-end results.