US public pension profile· DERP
Denver Employees Retirement Plan
Funding, investment choices and long-term returns.
Colorado ·Fiscal year 2025
DERP: fiscal year 2025 at a glance
- Market value of assets
- USD 2.9 billion
- Total membership
- 28,855
- Funded ratio
- 61.78%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 45.00% |
|---|---|
| Fixed income | 23.20% |
| Private equity | 0.00% |
| Real estate | 8.00% |
| Hedge funds | 5.90% |
| Cash | 3.10% |
Returns to 2025
| One year | 12.70% |
|---|---|
| Five years | 7.80% |
| Ten years | 7.70% |
DERP: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.4 billion | 18,444 | 99.50% | 7.75% |
| 2002 | USD 1.3 billion | 18,041 | 101.68% | 8.00% |
| 2003 | USD 1.5 billion | 17,778 | 98.03% | 8.00% |
| 2004 | USD 1.6 billion | 17,889 | 99.13% | 8.00% |
| 2005 | USD 1.7 billion | 18,192 | 97.35% | 8.00% |
| 2006 | USD 1.9 billion | 18,627 | 98.64% | 8.00% |
| 2007 | USD 2.0 billion | 20,183 | 98.21% | 8.00% |
| 2008 | USD 1.5 billion | 20,737 | 91.85% | 8.00% |
| 2009 | USD 1.6 billion | 20,800 | 88.39% | 8.00% |
| 2010 | USD 1.7 billion | 20,721 | 85.04% | 8.00% |
| 2011 | USD 1.6 billion | 20,952 | 81.58% | 8.00% |
| 2012 | USD 1.8 billion | 21,258 | 76.36% | 8.00% |
| 2013 | USD 2.0 billion | 21,948 | 76.41% | 8.00% |
| 2014 | USD 2.1 billion | 22,721 | 73.68% | 8.00% |
| 2015 | USD 1.9 billion | 23,407 | 72.20% | 7.75% |
| 2016 | USD 2.0 billion | 24,230 | 71.01% | 7.75% |
| 2017 | USD 2.2 billion | 24,913 | 67.67% | 7.50% |
| 2018 | USD 2.1 billion | 25,273 | 62.24% | 7.50% |
| 2019 | USD 2.3 billion | 25,878 | 61.71% | 7.50% |
| 2020 | USD 2.4 billion | 25,723 | 60.26% | 7.25% |
| 2021 | USD 2.7 billion | 26,171 | 61.80% | 7.25% |
| 2022 | USD 2.3 billion | 27,375 | 59.72% | 7.00% |
| 2023 | USD 2.5 billion | 28,384 | 60.90% | 7.00% |
| 2024 | USD 2.6 billion | 28,855 | 61.78% | 7.00% |
| 2025 | USD 2.9 billion | 28,855 | 61.78% | 7.00% |
DERP: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 54.60% | 33.10% | 0.00% | 8.40% | 2.00% | 1.90% |
| 2002 | 50.90% | 35.40% | 0.00% | 9.30% | 2.30% | 2.10% |
| 2003 | 61.10% | 27.80% | 0.00% | 8.80% | 1.90% | 0.40% |
| 2004 | 61.20% | 26.90% | 0.00% | 9.00% | 2.30% | 0.60% |
| 2005 | 60.30% | 25.80% | 0.00% | 10.30% | 2.80% | 0.80% |
| 2006 | 59.40% | 24.50% | 0.00% | 10.70% | 3.70% | 1.70% |
| 2007 | 57.30% | 25.30% | 0.00% | 11.10% | 4.40% | 1.90% |
| 2008 | 50.20% | 29.80% | 0.00% | 11.50% | 5.70% | 2.80% |
| 2009 | 57.84% | 27.87% | 0.00% | 6.49% | 5.20% | 2.60% |
| 2010 | 55.80% | 23.90% | 0.00% | 6.90% | 11.20% | 2.20% |
| 2011 | 53.50% | 17.80% | 0.00% | 8.30% | 17.70% | 2.70% |
| 2012 | 52.30% | 17.30% | 0.00% | 8.20% | 20.40% | 1.80% |
| 2013 | 53.00% | 16.80% | 0.00% | 7.90% | 20.30% | 2.00% |
| 2014 | 50.00% | 18.20% | 0.00% | 7.60% | 22.10% | 2.10% |
| 2015 | 46.40% | 19.60% | 0.00% | 9.10% | 22.70% | 2.20% |
| 2016 | 45.30% | 20.20% | 8.25% | 7.90% | 12.00% | 2.40% |
| 2017 | 45.50% | 20.10% | 17.01% | 7.60% | 7.89% | 1.90% |
| 2018 | 40.80% | 21.70% | 18.01% | 8.10% | 9.69% | 1.70% |
| 2019 | 37.10% | 23.30% | 16.36% | 7.50% | 4.90% | 4.70% |
| 2020 | 42.64% | 25.73% | 4.30% | 6.91% | 1.20% | 2.30% |
| 2021 | 39.60% | 25.00% | 2.60% | 8.80% | 2.50% | 3.10% |
| 2022 | 37.20% | 24.30% | 0.00% | 9.80% | 5.00% | 2.40% |
| 2023 | 40.90% | 23.50% | 0.00% | 7.50% | 6.70% | 2.20% |
| 2024 | 44.86% | 23.18% | 0.00% | 6.39% | 6.89% | 2.30% |
| 2025 | 45.00% | 23.20% | 0.00% | 8.00% | 5.90% | 3.10% |
DERP: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -5.17% | 9.01% | Not reported |
| 2002 | -7.88% | 3.48% | Not reported |
| 2003 | 20.06% | 3.64% | Not reported |
| 2004 | 11.88% | 2.99% | Not reported |
| 2005 | 9.98% | 5.18% | Not reported |
| 2006 | 14.33% | 9.20% | Not reported |
| 2007 | 11.20% | 13.44% | Not reported |
| 2008 | -25.31% | 2.89% | Not reported |
| 2009 | 13.68% | 3.27% | Not reported |
| 2010 | 14.36% | 4.14% | 4.77% |
| 2011 | -0.43% | 1.37% | 5.28% |
| 2012 | 13.09% | 1.78% | 7.46% |
| 2013 | 18.21% | 11.59% | 7.29% |
| 2014 | 5.33% | 9.90% | 6.65% |
| 2015 | -1.88% | 6.59% | 5.44% |
| 2016 | 7.75% | 8.28% | 4.82% |
| 2017 | 15.02% | 8.65% | 5.17% |
| 2018 | -2.40% | 4.60% | 8.02% |
| 2019 | 12.60% | 6.00% | 7.92% |
| 2020 | 5.70% | 7.70% | 7.07% |
| 2021 | 17.10% | 9.50% | 8.82% |
| 2022 | -8.50% | 4.90% | 6.80% |
| 2023 | 9.60% | 7.40% | 6.00% |
| 2024 | 7.90% | 6.40% | 6.30% |
| 2025 | 12.70% | 7.80% | 7.70% |