Public Employee Retirement System (PERS) analysts announced this week the investment portfolio funding PERS earned approximately twice what was expected in 2017.

The fund outperformed expectations, earning 15.3 percent last year, while the anticipated rate was 7.2 percent. The unexpected ramification is that it reduces the system’s unfunded liability by $3 billion.

But it’s not enough to fend off another round of rate increases slated to begin July 1, 2019.

Even with the recent earning, PERS remains about $23 billion underfunded.

The legislature convened in a short session Monday to consider Senate Bill 1566, which would establish a matching fund to help local government employers meet their PERS obligations.