US public pension profile
Detroit General Retirement System
Funding, investment choices and long-term returns.
Michigan ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 1.8 billion
- Total membership
- 20,712
- Funded ratio
- 67.28%
- Assumed investment return
- 6.75%
Asset allocation in 2025
| Public equity | 70.55% |
|---|---|
| Fixed income | 14.40% |
| Private equity | 0.22% |
| Real estate | 14.84% |
| Hedge funds | 0.00% |
| Cash | 0.00% |
Returns to 2025
| One year | 10.30% |
|---|---|
| Five years | 9.10% |
| Ten years | 7.10% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 2.7 billion | 24,194 | 91.60% | 7.90% |
| 2002 | USD 2.4 billion | 24,002 | 84.90% | 7.90% |
| 2003 | USD 2.3 billion | 24,155 | 77.60% | 7.90% |
| 2004 | USD 2.5 billion | 23,102 | 73.00% | 7.90% |
| 2005 | USD 3.3 billion | 21,216 | 96.30% | 7.90% |
| 2006 | USD 3.5 billion | 20,588 | 98.20% | 7.90% |
| 2007 | USD 3.8 billion | 20,449 | 98.80% | 7.90% |
| 2008 | USD 3.4 billion | 20,211 | 100.90% | 7.90% |
| 2009 | USD 2.4 billion | 20,006 | 92.50% | 7.90% |
| 2010 | USD 2.2 billion | 19,611 | 87.10% | 7.90% |
| 2011 | USD 2.4 billion | 18,805 | 82.80% | 7.90% |
| 2012 | USD 2.2 billion | 20,071 | 77.00% | 7.90% |
| 2013 | USD 2.1 billion | 19,848 | 70.00% | 7.90% |
| 2014 | USD 2.0 billion | 19,635 | 62.54% | 7.90% |
| 2015 | USD 2.2 billion | 19,958 | 67.11% | 6.75% |
| 2016 | USD 2.0 billion | 19,874 | 63.34% | 6.75% |
| 2017 | USD 2.0 billion | 20,506 | 65.54% | 6.75% |
| 2018 | USD 2.0 billion | 20,796 | 66.44% | 6.75% |
| 2019 | USD 1.9 billion | 20,874 | 63.74% | 6.75% |
| 2020 | USD 1.8 billion | 19,443 | 60.20% | 6.75% |
| 2021 | USD 2.1 billion | 19,012 | 73.97% | 6.75% |
| 2022 | USD 1.8 billion | 19,084 | 65.67% | 6.75% |
| 2023 | USD 1.7 billion | 19,278 | 68.30% | 6.75% |
| 2024 | USD 1.8 billion | 19,785 | 66.28% | 6.75% |
| 2025 | USD 1.8 billion | 20,712 | 67.28% | 6.75% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 63.76% | 27.68% | 1.45% | 7.11% | 0.00% | 0.00% |
| 2002 | 61.71% | 27.93% | 1.23% | 9.12% | 0.00% | 0.00% |
| 2003 | 59.58% | 29.04% | 1.37% | 10.00% | 0.00% | 0.00% |
| 2004 | 63.73% | 25.83% | 1.46% | 8.98% | 0.00% | 0.00% |
| 2005 | 54.87% | 36.52% | 1.53% | 7.08% | 0.00% | 0.00% |
| 2006 | 55.88% | 27.80% | 1.99% | 14.33% | 0.00% | 0.00% |
| 2007 | 66.01% | 23.13% | 1.82% | 9.03% | 0.00% | 0.00% |
| 2008 | 56.94% | 27.93% | 2.49% | 12.65% | 0.00% | 0.00% |
| 2009 | 55.47% | 25.55% | 3.73% | 15.25% | 0.00% | 0.00% |
| 2010 | 59.22% | 24.90% | 4.15% | 11.73% | 0.00% | 0.00% |
| 2011 | 62.53% | 24.39% | 2.68% | 10.40% | 0.00% | 0.00% |
| 2012 | 55.55% | 27.94% | 4.98% | 11.53% | 0.00% | 0.00% |
| 2013 | 49.60% | 35.54% | 3.18% | 11.68% | 0.00% | 0.00% |
| 2014 | 50.82% | 12.92% | 15.49% | 10.17% | 4.07% | 4.81% |
| 2015 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2016 | 43.13% | 11.90% | 6.47% | 21.09% | 12.68% | 0.00% |
| 2017 | 52.29% | 15.00% | 5.07% | 16.58% | 11.06% | 0.00% |
| 2018 | 58.55% | 14.36% | 0.46% | 17.40% | 9.23% | 0.00% |
| 2019 | 56.26% | 16.90% | 0.32% | 16.45% | 10.06% | 0.00% |
| 2020 | 46.66% | 20.22% | 7.05% | 14.94% | 11.11% | 0.00% |
| 2021 | 64.17% | 20.85% | 6.10% | 8.88% | 0.00% | 0.00% |
| 2022 | 44.31% | 24.73% | 14.89% | 16.06% | 0.00% | 0.00% |
| 2023 | 50.51% | 19.43% | 15.22% | 14.85% | 0.00% | 0.00% |
| 2024 | 52.29% | 18.39% | 15.94% | 13.38% | 0.00% | 0.00% |
| 2025 | 70.55% | 14.40% | 0.22% | 14.84% | 0.00% | 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 | -4.44% | Not reported | Not reported |
| 2002 | -5.94% | Not reported | Not reported |
| 2003 | 3.53% | Not reported | Not reported |
| 2004 | 14.93% | Not reported | Not reported |
| 2005 | 8.30% | 2.98% | Not reported |
| 2006 | 11.30% | 6.17% | Not reported |
| 2007 | 18.90% | 11.26% | Not reported |
| 2008 | -4.30% | 9.53% | Not reported |
| 2009 | -18.80% | 2.18% | Not reported |
| 2010 | 8.00% | 2.12% | 2.55% |
| 2011 | 18.70% | 3.44% | 4.80% |
| 2012 | -0.40% | -0.16% | 5.40% |
| 2013 | 11.70% | 2.98% | 6.20% |
| 2014 | 14.50% | 10.31% | 6.16% |
| 2015 | 2.60% | 9.18% | 5.59% |
| 2016 | 1.40% | 5.90% | 4.61% |
| 2017 | 14.10% | 8.70% | 4.18% |
| 2018 | 6.50% | 7.70% | 5.30% |
| 2019 | 3.40% | 5.50% | 7.88% |
| 2020 | 0.96% | 4.80% | 7.09% |
| 2021 | 28.30% | 10.20% | 8.30% |
| 2022 | -7.34% | 5.60% | 7.40% |
| 2023 | 7.50% | 6.80% | 7.00% |
| 2024 | 9.60% | 6.90% | 6.40% |
| 2025 | 10.30% | 9.10% | 7.10% |