US public pension profile
Baltimore City Employees' Retirement System
Funding, investment choices and long-term returns.
Maryland ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 2.3 billion
- Total membership
- 18,514
- Funded ratio
- 81.97%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 32.32% |
|---|---|
| Fixed income | 15.15% |
| Private equity | 27.27% |
| Real estate | 14.14% |
| Hedge funds | 11.11% |
| Cash | 0.00% |
Returns to 2025
| One year | 9.50% |
|---|---|
| Five years | 9.10% |
| Ten years | 7.70% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.3 billion | 14,909 | 107.10% | 7.88% |
| 2002 | USD 1.2 billion | 15,191 | 107.40% | 7.88% |
| 2003 | USD 1.2 billion | 15,518 | 102.50% | 7.88% |
| 2004 | USD 1.2 billion | 15,719 | 97.80% | 7.75% |
| 2005 | USD 1.3 billion | 18,035 | 95.70% | 8.00% |
| 2006 | USD 1.3 billion | 17,881 | 92.20% | 8.00% |
| 2007 | USD 1.5 billion | 18,893 | 90.50% | 8.00% |
| 2008 | USD 1.4 billion | 19,093 | 88.70% | 8.00% |
| 2009 | USD 1.0 billion | 19,447 | 82.60% | 8.00% |
| 2010 | USD 1.1 billion | 19,411 | 76.00% | 8.00% |
| 2011 | USD 1.2 billion | 19,183 | 72.70% | 7.75% |
| 2012 | USD 1.2 billion | 18,946 | 67.70% | 7.75% |
| 2013 | USD 1.3 billion | 18,854 | 68.10% | 7.75% |
| 2014 | USD 1.5 billion | 18,840 | 69.69% | 7.75% |
| 2015 | USD 1.5 billion | 18,639 | 71.71% | 7.75% |
| 2016 | USD 1.5 billion | 18,299 | 71.20% | 7.50% |
| 2017 | USD 1.6 billion | 18,232 | 72.70% | 7.50% |
| 2018 | USD 1.7 billion | 18,246 | 74.06% | 7.50% |
| 2019 | USD 1.8 billion | 18,495 | 72.96% | 7.00% |
| 2020 | USD 1.7 billion | 18,510 | 73.28% | 7.00% |
| 2021 | USD 2.1 billion | 18,572 | 77.07% | 7.00% |
| 2022 | USD 2.0 billion | 18,021 | 79.87% | 7.00% |
| 2023 | USD 2.0 billion | 17,911 | 80.05% | 7.00% |
| 2024 | USD 2.1 billion | 17,989 | 80.04% | 7.00% |
| 2025 | USD 2.3 billion | 18,514 | 81.97% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2002 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2003 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2004 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2005 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2006 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2007 | 66.00% | 18.00% | 0.00% | 8.00% | 5.00% | 0.00% |
| 2008 | 56.00% | 27.00% | 0.00% | 9.00% | 5.00% | 0.00% |
| 2009 | 48.00% | 34.00% | 0.00% | 10.00% | 5.00% | 0.00% |
| 2010 | 50.00% | 34.00% | 0.00% | 7.00% | 5.00% | 0.00% |
| 2011 | 55.00% | 28.00% | 0.00% | 7.00% | 5.00% | 1.00% |
| 2012 | 54.00% | 27.00% | 5.00% | 8.00% | 5.00% | 1.00% |
| 2013 | 52.00% | 26.00% | 5.00% | 11.00% | 5.00% | 1.00% |
| 2014 | 52.00% | 27.00% | 6.00% | 10.00% | 5.00% | 0.00% |
| 2015 | 51.00% | 27.00% | 7.00% | 10.00% | 5.00% | 0.00% |
| 2016 | 51.00% | 27.00% | 7.00% | 10.00% | 5.00% | 0.00% |
| 2017 | 57.00% | 23.00% | 6.00% | 9.00% | 5.00% | 0.00% |
| 2018 | 53.00% | 26.00% | 6.00% | 9.00% | 4.00% | 2.00% |
| 2019 | 50.00% | 22.00% | 6.00% | 12.00% | 7.00% | 3.00% |
| 2020 | 49.00% | 21.00% | 8.00% | 13.00% | 8.00% | 1.00% |
| 2021 | 44.00% | 17.00% | 12.00% | 11.00% | 13.00% | 3.00% |
| 2022 | 37.00% | 19.00% | 17.00% | 15.00% | 12.00% | 0.00% |
| 2023 | 35.00% | 19.00% | 21.00% | 14.00% | 11.00% | 0.00% |
| 2024 | 34.65% | 17.82% | 24.75% | 11.88% | 10.89% | 0.00% |
| 2025 | 32.32% | 15.15% | 27.27% | 14.14% | 11.11% | 0.00% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -0.59% | Not reported | Not reported |
| 2002 | -2.34% | Not reported | Not reported |
| 2003 | 4.23% | Not reported | Not reported |
| 2004 | 10.76% | Not reported | Not reported |
| 2005 | 9.01% | 4.09% | Not reported |
| 2006 | 10.99% | 6.41% | Not reported |
| 2007 | 18.33% | 10.82% | Not reported |
| 2008 | -4.83% | 9.12% | Not reported |
| 2009 | -17.90% | 2.40% | Not reported |
| 2010 | 11.20% | 2.10% | 3.38% |
| 2011 | 20.10% | 4.40% | 5.35% |
| 2012 | 2.00% | 1.40% | 5.81% |
| 2013 | 13.20% | 4.90% | 6.69% |
| 2014 | 16.20% | 12.50% | 7.30% |
| 2015 | 4.60% | 10.90% | 6.80% |
| 2016 | 3.20% | 7.60% | 6.00% |
| 2017 | 11.80% | 9.60% | 5.40% |
| 2018 | 8.50% | 8.80% | 6.80% |
| 2019 | 6.10% | 6.90% | 9.60% |
| 2020 | 1.30% | 6.20% | 8.50% |
| 2021 | 27.80% | 10.90% | 9.20% |
| 2022 | -3.30% | 7.70% | 8.60% |
| 2023 | 6.40% | 7.20% | 8.00% |
| 2024 | 7.70% | 7.50% | 7.20% |
| 2025 | 9.50% | 9.10% | 7.70% |