Over the year, the fund earned 7.9 percent and added $3.8 billion in assets.
PSERS assumes an annual rate of return of 7.5 percent, with its fiscal year ending on June 30.
As of the last fiscal year that ended in June 2014, the system’s unfunded liability was $35.1 billion.
PSERS produced 2013-14 investment returns of nearly 15 percent, which added about $7.1 billion in assets to the fund.
James Grossman Jr., the system’s chief investment officer, called the recent quarter a good one, with non-U.S. equities taking the top spot for asset classes with a return of 8.1 percent.
PSERS had assets of about $52.4 billion and a membership of more than 263,000 active school employees and nearly 214,000 retirees, as of March 31. Its largest asset classes are U.S. and global fixed-income investments (20.6 percent), private markets (15.3 percent) and non-U.S. equities (13.5 percent).
Real estate accounts for 13 percent of its assets.