US public pension profile
Alameda County Employees' Retirement Association
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 3.5 billion | 17,866 | 105.80% | Not reported |
| 2002 | USD 3.2 billion | 18,475 | 92.50% | Not reported |
| 2003 | USD 3.9 billion | 18,731 | 86.90% | 8.00% |
| 2004 | USD 4.3 billion | 18,392 | 82.10% | 7.80% |
| 2005 | USD 4.6 billion | 18,743 | 83.20% | 7.90% |
| 2006 | USD 4.6 billion | 19,320 | 85.50% | 8.00% |
| 2007 | USD 4.9 billion | 19,825 | 89.20% | 8.00% |
| 2008 | USD 3.1 billion | 20,192 | 83.90% | 8.00% |
| 2009 | USD 4.0 billion | 20,076 | 81.20% | 7.90% |
| 2010 | USD 4.6 billion | 20,222 | 77.50% | 7.90% |
| 2011 | USD 4.5 billion | 20,426 | 76.60% | 7.80% |
| 2012 | USD 5.1 billion | 20,810 | 73.90% | 7.80% |
| 2013 | USD 6.0 billion | 21,345 | 75.90% | 7.80% |
| 2014 | USD 6.0 billion | 21,833 | 74.83% | 7.80% |
| 2015 | USD 5.8 billion | 22,088 | 77.25% | 7.60% |
| 2016 | USD 6.1 billion | 22,616 | 78.13% | 7.60% |
| 2017 | USD 7.2 billion | 23,249 | 76.00% | 7.60% |
| 2018 | USD 6.7 billion | 23,700 | 77.21% | 7.25% |
| 2019 | USD 7.9 billion | 24,235 | 77.59% | 7.25% |
| 2020 | USD 8.7 billion | 24,642 | 76.16% | 7.00% |
| 2021 | USD 10.8 billion | 25,127 | 86.49% | 7.00% |
| 2022 | USD 9.2 billion | 25,708 | 86.93% | 7.00% |
| 2023 | USD 10.2 billion | 26,411 | 88.05% | 7.00% |
| 2024 | USD 10.9 billion | 27,156 | 88.03% | 7.00% |
| 2025 | Not reported | Not reported | Not reported | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 53.80% | 33.80% | 0.00% | 9.50% | 0.00% | 2.90% |
| 2002 | 54.80% | 33.90% | 0.00% | 8.90% | 0.00% | 2.40% |
| 2003 | 64.90% | 28.60% | 0.00% | 6.40% | 0.00% | 0.10% |
| 2004 | 64.30% | 30.40% | 0.00% | 5.30% | 0.00% | 0.00% |
| 2005 | 65.00% | 29.80% | 0.00% | 5.20% | 0.00% | 0.00% |
| 2006 | 67.00% | 27.60% | 0.00% | 5.30% | 0.00% | 0.10% |
| 2007 | 66.20% | 27.00% | 0.00% | 6.80% | 0.00% | 0.00% |
| 2008 | 63.20% | 27.30% | 0.00% | 9.30% | 0.10% | 0.10% |
| 2009 | 68.00% | 24.80% | 0.00% | 5.50% | 1.70% | 0.00% |
| 2010 | 66.87% | 24.12% | 0.00% | 5.30% | 3.60% | 0.10% |
| 2011 | 65.20% | 22.60% | 0.00% | 6.30% | 3.70% | 0.00% |
| 2012 | 65.33% | 17.94% | 0.00% | 5.31% | 6.41% | 0.00% |
| 2013 | 67.67% | 15.32% | 0.00% | 6.41% | 6.71% | 0.00% |
| 2014 | 64.06% | 16.22% | 0.00% | 6.61% | 8.91% | 0.00% |
| 2015 | 60.90% | 16.08% | 0.00% | 7.44% | 12.06% | 0.00% |
| 2016 | 61.53% | 16.31% | 0.00% | 7.15% | 10.88% | 0.00% |
| 2017 | 64.10% | 16.60% | 5.50% | 6.40% | 3.70% | 0.00% |
| 2018 | 55.00% | 17.10% | 6.90% | 7.50% | 9.30% | 0.30% |
| 2019 | 56.00% | 15.80% | 6.20% | 6.80% | 9.60% | 0.60% |
| 2020 | 57.00% | 16.30% | 7.40% | 6.30% | 7.60% | 0.60% |
| 2021 | 53.76% | 16.85% | 7.92% | 6.32% | 7.82% | 1.00% |
| 2022 | 49.25% | 15.38% | 9.59% | 7.89% | 10.89% | 0.90% |
| 2023 | 50.65% | 15.02% | 10.01% | 6.91% | 10.81% | 0.70% |
| 2024 | 51.10% | 14.10% | 9.50% | 6.80% | 10.90% | 1.50% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -3.10% | 8.90% | Not reported |
| 2002 | -6.80% | 3.90% | Not reported |
| 2003 | 26.70% | 5.90% | Not reported |
| 2004 | 12.30% | 5.20% | Not reported |
| 2005 | 8.80% | 7.00% | Not reported |
| 2006 | 14.40% | 10.60% | Not reported |
| 2007 | 8.80% | 14.00% | Not reported |
| 2008 | -30.30% | 1.20% | Not reported |
| 2009 | 26.60% | 3.60% | 4.40% |
| 2010 | 14.60% | 4.70% | 5.80% |
| 2011 | -0.40% | 1.80% | 6.10% |
| 2012 | 15.00% | 3.00% | 8.30% |
| 2013 | 20.20% | 14.80% | 7.80% |
| 2014 | 4.66% | 10.56% | 7.03% |
| 2015 | 0.37% | 7.67% | 6.17% |
| 2016 | 7.44% | 9.32% | 5.50% |
| 2017 | 19.50% | 10.20% | 6.50% |
| 2018 | -4.05% | 5.30% | 9.96% |
| 2019 | 18.69% | 7.96% | 9.25% |
| 2020 | 12.48% | 10.44% | 9.05% |
| 2021 | 16.20% | 12.20% | 10.80% |
| 2022 | -11.50% | 5.70% | 7.91% |
| 2023 | 12.70% | 9.20% | 7.20% |
| 2024 | 9.50% | 7.40% | 7.70% |
| 2025 | Not reported | Not reported | Not reported |