US public pension profile· PSPRS
Arizona Public Safety Personnel Retirement System
Funding, investment choices and long-term returns.
Arizona ·Fiscal year 2025
PSPRS: fiscal year 2025 at a glance
- Market value of assets
- USD 18.2 billion
- Total membership
- 42,087
- Funded ratio
- 71.13%
- Assumed investment return
- 7.20%
Asset allocation in 2025
| Public equity | 39.76% |
|---|---|
| Fixed income | 8.90% |
| Private equity | 23.58% |
| Real estate | 0.00% |
| Hedge funds | 23.11% |
| Cash | 3.28% |
Returns to 2025
| One year | 11.14% |
|---|---|
| Five years | 10.50% |
| Ten years | 7.66% |
PSPRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 4.4 billion | 21,314 | 126.90% | 9.00% |
| 2002 | USD 3.7 billion | 22,273 | 113.00% | 9.00% |
| 2003 | USD 3.8 billion | 22,809 | 100.90% | 9.00% |
| 2004 | USD 4.3 billion | 23,584 | 92.40% | 8.75% |
| 2005 | USD 4.6 billion | 24,581 | 82.10% | 8.50% |
| 2006 | USD 4.9 billion | 26,270 | 77.00% | 8.50% |
| 2007 | USD 5.5 billion | 27,794 | 66.40% | 8.50% |
| 2008 | USD 5.0 billion | 29,547 | 68.80% | 8.50% |
| 2009 | USD 4.1 billion | 30,665 | 70.00% | 8.50% |
| 2010 | USD 4.6 billion | 30,621 | 67.70% | 8.50% |
| 2011 | USD 5.2 billion | 30,660 | 63.70% | 8.25% |
| 2012 | USD 5.1 billion | 31,104 | 60.20% | 8.00% |
| 2013 | USD 5.5 billion | 31,519 | 58.70% | 7.85% |
| 2014 | USD 5.9 billion | 32,172 | 49.20% | 7.85% |
| 2015 | USD 6.1 billion | 33,041 | 49.01% | 7.85% |
| 2016 | USD 6.0 billion | 33,930 | 46.00% | 7.50% |
| 2017 | USD 6.8 billion | 34,931 | 45.34% | 7.15% |
| 2018 | USD 7.3 billion | 35,671 | 45.76% | 7.40% |
| 2019 | USD 7.8 billion | 36,048 | 46.52% | 7.30% |
| 2020 | USD 8.1 billion | 36,912 | 47.01% | 7.30% |
| 2021 | USD 11.6 billion | 37,673 | 54.44% | 7.30% |
| 2022 | USD 13.2 billion | 38,521 | 65.65% | 7.20% |
| 2023 | USD 14.6 billion | 39,696 | 66.75% | 7.20% |
| 2024 | USD 16.3 billion | 40,839 | 68.57% | 7.20% |
| 2025 | USD 18.2 billion | 42,087 | 71.13% | 7.20% |
PSPRS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 67.79% | 28.98% | 0.00% | 0.00% | 0.00% | 0.04% |
| 2002 | 67.79% | 26.65% | 0.00% | 0.00% | 0.00% | 0.03% |
| 2003 | 61.18% | 33.18% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2004 | 72.41% | 21.85% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2005 | 69.90% | 25.80% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2006 | 70.47% | 21.36% | 0.00% | 0.00% | 0.00% | 4.85% |
| 2007 | 72.76% | 19.98% | 1.23% | 2.29% | 0.00% | 3.74% |
| 2008 | 65.72% | 24.94% | 1.79% | 4.61% | 0.00% | 2.94% |
| 2009 | 54.84% | 31.94% | 2.73% | 9.05% | 0.00% | 1.44% |
| 2010 | 41.15% | 19.05% | 7.91% | 9.92% | 16.57% | 1.08% |
| 2011 | 35.36% | 18.56% | 7.94% | 10.64% | 20.52% | 1.60% |
| 2012 | 33.36% | 13.78% | 10.19% | 12.74% | 21.50% | 2.20% |
| 2013 | 32.30% | 11.09% | 11.31% | 13.23% | 23.91% | 1.77% |
| 2014 | 30.46% | 9.45% | 13.31% | 10.75% | 25.30% | 3.89% |
| 2015 | 29.91% | 7.60% | 14.38% | 9.93% | 26.34% | 3.85% |
| 2016 | 29.80% | 5.97% | 15.02% | 9.66% | 27.67% | 2.25% |
| 2017 | 30.44% | 5.45% | 13.88% | 9.36% | 28.90% | 1.87% |
| 2018 | 30.03% | 5.84% | 13.32% | 8.44% | 30.56% | 3.95% |
| 2019 | 33.58% | 5.78% | 13.10% | 7.55% | 28.33% | 3.23% |
| 2020 | 38.97% | 1.20% | 26.95% | 0.00% | 26.76% | 2.91% |
| 2021 | 35.56% | 3.97% | 25.55% | 0.00% | 20.59% | 10.45% |
| 2022 | 33.37% | 3.23% | 23.72% | 0.00% | 20.40% | 15.72% |
| 2023 | 38.43% | 6.90% | 23.07% | 0.00% | 21.34% | 6.79% |
| 2024 | 38.32% | 9.46% | 23.00% | 0.00% | 19.18% | 6.86% |
| 2025 | 39.76% | 8.90% | 23.58% | 0.00% | 23.11% | 3.28% |
PSPRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -16.86% | 10.64% | 11.11% |
| 2002 | -15.07% | 2.67% | 7.72% |
| 2003 | 6.67% | -0.09% | 7.41% |
| 2004 | 14.97% | -0.56% | 9.00% |
| 2005 | 9.11% | -1.13% | 8.18% |
| 2006 | 8.30% | 4.22% | 7.37% |
| 2007 | 17.05% | 11.14% | 6.81% |
| 2008 | -7.27% | 8.09% | 3.91% |
| 2009 | -17.73% | 1.09% | 0.26% |
| 2010 | 13.47% | 1.88% | 0.36% |
| 2011 | 17.37% | 3.53% | 3.88% |
| 2012 | -0.79% | 0.16% | 5.51% |
| 2013 | 10.64% | 3.75% | 5.89% |
| 2014 | 13.28% | 10.68% | 5.77% |
| 2015 | 3.68% | 8.69% | 5.22% |
| 2016 | 0.63% | 5.40% | 4.45% |
| 2017 | 11.85% | 7.95% | 3.98% |
| 2018 | 7.07% | 7.18% | 5.48% |
| 2019 | 5.45% | 5.67% | 8.14% |
| 2020 | 0.91% | 5.10% | 6.88% |
| 2021 | 27.76% | 10.27% | 7.81% |
| 2022 | -4.04% | 6.94% | 7.46% |
| 2023 | 7.64% | 7.21% | 7.19% |
| 2024 | 10.34% | 8.19% | 6.92% |
| 2025 | 11.14% | 10.50% | 7.66% |