US public pension profile
Dallas Police and Fire Pension System
Funding, investment choices and long-term returns.
Texas ·Fiscal year 2025
Fiscal year 2025 at a glance
- Assumed investment return
- 6.50%
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 1.9 billion | 6,634 | 84.50% | 8.50% |
| 2002 | USD 1.7 billion | 6,723 | 72.80% | 8.50% |
| 2003 | USD 2.2 billion | 6,711 | 79.10% | 8.50% |
| 2004 | USD 2.5 billion | 6,809 | 80.80% | 8.50% |
| 2005 | USD 2.7 billion | 6,854 | 82.30% | 8.50% |
| 2006 | USD 3.1 billion | 7,014 | 87.90% | 8.50% |
| 2007 | USD 3.4 billion | 7,201 | 89.40% | 8.50% |
| 2008 | USD 2.5 billion | 7,554 | 78.40% | 8.50% |
| 2009 | USD 2.9 billion | 7,821 | 81.80% | 8.50% |
| 2010 | USD 3.1 billion | 7,823 | 79.50% | 8.50% |
| 2011 | USD 3.0 billion | 7,867 | 73.90% | 8.50% |
| 2012 | USD 3.3 billion | 7,939 | 78.10% | 8.50% |
| 2013 | USD 3.3 billion | 8,101 | 75.60% | 8.50% |
| 2014 | USD 3.1 billion | 8,432 | 63.80% | 8.50% |
| 2015 | USD 2.7 billion | 8,633 | 45.07% | 7.25% |
| 2016 | USD 2.2 billion | 8,968 | 49.41% | 7.25% |
| 2017 | USD 2.1 billion | 9,699 | 47.74% | 7.25% |
| 2018 | USD 2.0 billion | 10,109 | 48.10% | 7.25% |
| 2019 | USD 2.1 billion | 10,453 | 45.73% | 7.00% |
| 2020 | USD 2.0 billion | 10,579 | 41.59% | 6.50% |
| 2021 | USD 2.2 billion | 10,703 | 41.06% | 6.50% |
| 2022 | USD 1.8 billion | 10,870 | 39.12% | 6.50% |
| 2023 | USD 2.0 billion | 10,873 | 32.02% | 6.50% |
| 2024 | USD 2.0 billion | 11,080 | 32.21% | 6.50% |
| 2025 | Not reported | Not reported | Not reported | 6.50% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 56.70% | 26.30% | 0.00% | 16.40% | 0.00% | 0.60% |
| 2002 | 54.80% | 28.70% | 0.00% | 15.20% | 0.00% | 1.30% |
| 2003 | 58.00% | 26.00% | 0.00% | 15.00% | 0.00% | 1.00% |
| 2004 | 59.00% | 26.00% | 0.00% | 14.00% | 0.00% | 1.00% |
| 2005 | 58.00% | 27.00% | 0.00% | 14.00% | 0.00% | 1.00% |
| 2006 | 53.80% | 26.10% | 2.80% | 17.30% | 0.00% | 0.00% |
| 2007 | 52.94% | 22.03% | 0.00% | 20.64% | 4.39% | 0.00% |
| 2008 | 24.17% | 18.36% | 13.64% | 33.80% | 4.71% | 0.00% |
| 2009 | 21.68% | 20.18% | 15.18% | 24.68% | 6.69% | 0.00% |
| 2010 | 22.05% | 19.36% | 15.99% | 24.43% | 7.65% | 0.00% |
| 2011 | 20.90% | 17.20% | 17.60% | 24.60% | 8.40% | 0.00% |
| 2012 | 18.50% | 15.50% | 23.50% | 18.90% | 9.20% | 0.00% |
| 2013 | 19.50% | 15.50% | 19.00% | 18.00% | 11.50% | 0.00% |
| 2014 | 17.50% | 15.10% | 20.50% | 16.50% | 11.90% | 0.80% |
| 2015 | 15.04% | 13.86% | 15.34% | 23.48% | 13.24% | 2.73% |
| 2016 | 6.80% | 12.20% | 11.60% | 25.70% | 5.90% | 14.20% |
| 2017 | 22.90% | 16.20% | 10.50% | 25.20% | 6.90% | 5.50% |
| 2018 | 21.80% | 26.20% | 15.30% | 23.00% | 0.00% | 2.40% |
| 2019 | 27.60% | 27.50% | 13.00% | 18.50% | 0.00% | 4.40% |
| 2020 | 36.60% | 24.80% | 7.10% | 17.90% | 0.00% | 4.50% |
| 2021 | 58.56% | 22.52% | 0.00% | 10.31% | 0.00% | 0.00% |
| 2022 | 46.41% | 17.86% | 12.38% | 10.38% | 0.00% | 4.09% |
| 2023 | 51.95% | 18.98% | 11.49% | 8.19% | 0.00% | 3.20% |
| 2024 | 53.75% | 20.58% | 9.49% | 7.39% | 0.00% | 3.50% |
| 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 | -6.74% | Not reported | Not reported |
| 2002 | -11.94% | Not reported | Not reported |
| 2003 | 31.40% | Not reported | Not reported |
| 2004 | 14.77% | Not reported | Not reported |
| 2005 | 10.30% | 6.44% | Not reported |
| 2006 | 16.80% | 11.34% | Not reported |
| 2007 | 10.30% | 16.47% | Not reported |
| 2008 | -24.00% | 4.39% | Not reported |
| 2009 | 15.70% | 4.56% | Not reported |
| 2010 | 11.40% | 4.76% | 5.60% |
| 2011 | 0.30% | 1.62% | 6.37% |
| 2012 | 11.40% | 1.82% | 9.00% |
| 2013 | 4.40% | 8.50% | 6.42% |
| 2014 | 4.00% | 5.90% | 5.10% |
| 2015 | -12.60% | 1.00% | 2.70% |
| 2016 | 3.20% | 1.60% | 1.40% |
| 2017 | 5.10% | 1.20% | 0.90% |
| 2018 | -1.50% | -0.60% | 3.30% |
| 2019 | 11.60% | 0.80% | 3.30% |
| 2020 | 1.70% | 3.90% | 2.50% |
| 2021 | 5.00% | 4.30% | 2.90% |
| 2022 | 2.20% | 2.80% | 2.00% |
| 2023 | 10.30% | 5.20% | 2.30% |
| 2024 | 8.10% | 4.50% | 2.60% |
| 2025 | Not reported | Not reported | Not reported |