US public pension profile
Baltimore Fire and Police 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 3.5 billion
- Total membership
- 9,906
- Funded ratio
- 72.38%
- Assumed investment return
- 6.90%
Asset allocation in 2025
| Public equity | 50.85% |
|---|---|
| Fixed income | 10.79% |
| Private equity | 22.28% |
| Real estate | 10.39% |
| Hedge funds | 5.30% |
| Cash | 0.40% |
Returns to 2025
| One year | 10.90% |
|---|---|
| Five years | 9.30% |
| Ten years | 7.20% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 2.0 billion | 10,000 | 100.10% | 8.25% |
| 2002 | USD 1.8 billion | 10,047 | 97.90% | 8.25% |
| 2003 | USD 1.8 billion | 10,128 | 96.40% | 8.25% |
| 2004 | USD 1.9 billion | 10,208 | 96.80% | 8.25% |
| 2005 | USD 2.0 billion | 10,268 | 96.20% | 8.25% |
| 2006 | USD 2.1 billion | 10,343 | 92.50% | 8.25% |
| 2007 | USD 2.3 billion | 10,406 | 91.90% | 8.25% |
| 2008 | USD 2.2 billion | 10,496 | 89.40% | 8.25% |
| 2009 | USD 1.7 billion | 10,619 | 87.30% | 8.25% |
| 2010 | USD 1.9 billion | 10,596 | 83.20% | 8.00% |
| 2011 | USD 2.1 billion | 10,675 | 82.00% | 8.00% |
| 2012 | USD 2.1 billion | 10,760 | 77.60% | 7.75% |
| 2013 | USD 2.3 billion | 10,645 | 76.60% | 7.75% |
| 2014 | USD 2.5 billion | 10,585 | 74.17% | 7.75% |
| 2015 | USD 2.5 billion | 10,516 | 72.82% | 7.50% |
| 2016 | USD 2.4 billion | 10,385 | 71.45% | 7.50% |
| 2017 | USD 2.6 billion | 10,331 | 71.09% | 7.50% |
| 2018 | USD 2.7 billion | 10,345 | 69.82% | 7.25% |
| 2019 | USD 2.8 billion | 10,317 | 69.78% | 7.25% |
| 2020 | USD 2.6 billion | 10,278 | 69.10% | 7.25% |
| 2021 | USD 3.3 billion | 10,199 | 71.60% | 7.00% |
| 2022 | USD 3.0 billion | 10,073 | 72.64% | 6.95% |
| 2023 | USD 3.1 billion | 9,969 | 71.75% | 6.90% |
| 2024 | USD 3.2 billion | 9,859 | 72.17% | 6.90% |
| 2025 | USD 3.5 billion | 9,906 | 72.38% | 6.90% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 71.29% | 24.75% | 0.00% | 3.96% | 0.00% | 0.00% |
| 2002 | 69.00% | 26.00% | 0.00% | 5.00% | 0.00% | 0.00% |
| 2003 | 69.00% | 27.00% | 0.00% | 4.00% | 0.00% | 0.00% |
| 2004 | 67.00% | 24.00% | 1.00% | 8.00% | 0.00% | 0.00% |
| 2005 | 66.00% | 19.00% | 0.00% | 10.00% | 5.00% | 0.00% |
| 2006 | 66.00% | 19.00% | 0.00% | 10.00% | 5.00% | 0.00% |
| 2007 | 65.00% | 17.00% | 1.00% | 10.00% | 7.00% | 0.00% |
| 2008 | 59.00% | 17.00% | 3.00% | 13.00% | 8.00% | 0.00% |
| 2009 | 59.00% | 14.00% | 5.00% | 14.00% | 8.00% | 0.00% |
| 2010 | 62.00% | 16.00% | 6.00% | 10.00% | 6.00% | 0.00% |
| 2011 | 60.00% | 14.00% | 12.00% | 10.00% | 4.00% | 0.00% |
| 2012 | 42.00% | 18.00% | 13.00% | 11.00% | 16.00% | 0.00% |
| 2013 | 42.00% | 18.00% | 15.00% | 10.00% | 15.00% | 0.00% |
| 2014 | 40.00% | 17.00% | 18.00% | 10.00% | 15.00% | 0.00% |
| 2015 | 39.00% | 17.00% | 17.00% | 11.00% | 16.00% | 0.00% |
| 2016 | 42.00% | 22.00% | 14.00% | 11.00% | 10.00% | 1.00% |
| 2017 | 43.00% | 22.00% | 15.00% | 9.00% | 10.00% | 1.00% |
| 2018 | 50.00% | 17.00% | 15.00% | 10.00% | 7.00% | 1.00% |
| 2019 | 48.00% | 14.00% | 13.00% | 9.00% | 11.00% | 2.00% |
| 2020 | 41.90% | 18.40% | 14.20% | 9.50% | 8.20% | 4.70% |
| 2021 | 54.90% | 12.40% | 16.40% | 7.60% | 6.00% | 2.70% |
| 2022 | 49.20% | 14.30% | 20.00% | 9.30% | 5.80% | 1.40% |
| 2023 | 47.70% | 14.70% | 21.00% | 10.00% | 6.00% | 0.60% |
| 2024 | 46.20% | 14.50% | 22.60% | 9.90% | 6.40% | 0.40% |
| 2025 | 50.85% | 10.79% | 22.28% | 10.39% | 5.30% | 0.40% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -6.30% | 10.90% | Not reported |
| 2002 | -8.60% | 4.50% | Not reported |
| 2003 | 0.80% | 0.80% | Not reported |
| 2004 | 16.20% | 1.60% | Not reported |
| 2005 | 12.10% | 2.40% | Not reported |
| 2006 | 12.00% | 6.10% | Not reported |
| 2007 | 19.80% | 12.00% | 8.20% |
| 2008 | -7.00% | 10.20% | 5.40% |
| 2009 | -21.90% | 1.80% | 1.70% |
| 2010 | 15.30% | 2.30% | 2.30% |
| 2011 | 25.60% | 4.60% | 5.40% |
| 2012 | 0.80% | 1.10% | 6.40% |
| 2013 | 13.20% | 5.10% | 7.70% |
| 2014 | 16.50% | 14.00% | 7.70% |
| 2015 | 2.30% | 11.30% | 6.70% |
| 2016 | 0.60% | 6.10% | 5.80% |
| 2017 | 12.10% | 7.70% | 5.30% |
| 2018 | 8.50% | 7.50% | 6.60% |
| 2019 | 5.70% | 5.80% | 9.00% |
| 2020 | -0.20% | 5.20% | 7.50% |
| 2021 | 29.30% | 10.70% | 8.40% |
| 2022 | -8.00% | 6.40% | 7.00% |
| 2023 | 7.20% | 6.20% | 6.80% |
| 2024 | 9.80% | 7.00% | 6.40% |
| 2025 | 10.90% | 9.30% | 7.20% |