US public pension profile
Detroit Police and Fire Retirement System
Funding, investment choices and long-term returns.
Michigan ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 2.8 billion
- Total membership
- 12,890
- Funded ratio
- 129.11%
- Assumed investment return
- 6.75%
Asset allocation in 2025
Returns to 2025
| One year | 10.01% |
|---|---|
| Five years | 10.84% |
| Ten years | 8.30% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 3.5 billion | 13,792 | 112.60% | 7.80% |
| 2002 | USD 3.0 billion | 13,596 | 103.20% | 7.80% |
| 2003 | USD 2.9 billion | 13,569 | 86.10% | 7.80% |
| 2004 | USD 3.1 billion | 13,420 | 79.70% | 7.80% |
| 2005 | USD 3.8 billion | 13,199 | 99.40% | 7.80% |
| 2006 | USD 4.0 billion | 12,886 | 104.50% | 7.80% |
| 2007 | USD 4.5 billion | 12,821 | 110.50% | 7.80% |
| 2008 | USD 4.0 billion | 12,631 | 106.00% | 7.50% |
| 2009 | USD 3.1 billion | 12,572 | 93.50% | 7.50% |
| 2010 | USD 3.0 billion | 12,348 | 102.30% | 8.00% |
| 2011 | USD 3.4 billion | 12,195 | 99.90% | 8.00% |
| 2012 | USD 3.0 billion | 12,212 | 96.10% | 8.00% |
| 2013 | USD 3.0 billion | 11,977 | 89.30% | 8.00% |
| 2014 | USD 3.3 billion | 11,900 | 81.76% | 8.00% |
| 2015 | USD 3.2 billion | 11,861 | 78.23% | 6.75% |
| 2016 | USD 3.0 billion | 12,034 | 73.46% | 6.75% |
| 2017 | USD 3.0 billion | 12,346 | 74.25% | 6.75% |
| 2018 | USD 3.0 billion | 12,391 | 74.24% | 6.75% |
| 2019 | USD 2.8 billion | 12,358 | 70.75% | 6.75% |
| 2020 | USD 2.6 billion | 12,523 | 66.63% | 6.75% |
| 2021 | USD 3.0 billion | 12,513 | 83.78% | 6.75% |
| 2022 | USD 2.7 billion | 12,477 | 77.09% | 6.75% |
| 2023 | USD 2.6 billion | 12,523 | 74.74% | 6.75% |
| 2024 | USD 2.7 billion | 12,755 | 127.26% | 6.75% |
| 2025 | USD 2.8 billion | 12,890 | 129.11% | 6.75% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 64.36% | 7.24% | 10.29% | 2.11% | 0.00% | 4.48% |
| 2002 | 71.91% | 7.77% | 13.86% | 3.58% | 0.00% | 2.87% |
| 2003 | 70.83% | 7.79% | 15.36% | 3.57% | 0.00% | 2.45% |
| 2004 | 54.67% | 25.67% | 13.50% | 3.83% | 0.00% | 2.34% |
| 2005 | 48.33% | 20.74% | 10.24% | 3.45% | 0.00% | 17.23% |
| 2006 | 62.59% | 20.60% | 7.33% | 3.19% | 0.00% | 1.78% |
| 2007 | 63.47% | 18.89% | 9.28% | 4.31% | 0.00% | 1.92% |
| 2008 | 56.28% | 21.32% | 7.23% | 9.92% | 0.00% | 1.60% |
| 2009 | 50.45% | 23.49% | 9.70% | 13.28% | 0.00% | 0.25% |
| 2010 | 51.95% | 22.89% | 9.41% | 11.11% | 0.00% | 2.50% |
| 2011 | 52.28% | 20.26% | 9.80% | 11.84% | 0.00% | 1.38% |
| 2012 | 50.49% | 25.40% | 9.67% | 10.05% | 0.00% | 2.41% |
| 2013 | 54.57% | 23.75% | 9.38% | 9.26% | 0.00% | 1.93% |
| 2014 | 40.69% | 26.13% | 13.24% | 14.09% | 0.00% | 3.99% |
| 2015 | 43.98% | 22.19% | 14.60% | 12.31% | 0.00% | 3.75% |
| 2016 | 47.47% | 21.21% | 2.63% | 0.00% | 4.79% | 2.96% |
| 2017 | 52.51% | 19.96% | 2.55% | 0.00% | 5.07% | 2.83% |
| 2018 | 46.35% | 26.07% | 8.89% | 11.79% | 5.99% | 0.90% |
| 2019 | 45.85% | 24.92% | 11.01% | 10.61% | 6.51% | 1.10% |
| 2020 | 39.52% | 27.94% | 7.88% | 12.38% | 7.09% | 1.40% |
| 2021 | 40.74% | 28.13% | 8.31% | 12.31% | 5.81% | 1.40% |
| 2022 | 31.49% | 25.44% | 13.83% | 12.10% | 10.30% | 1.37% |
| 2023 | 33.97% | 21.64% | 14.83% | 11.62% | 8.32% | 1.60% |
| 2024 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 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 | -11.36% | Not reported | Not reported |
| 2002 | -8.56% | Not reported | Not reported |
| 2003 | 2.72% | Not reported | Not reported |
| 2004 | 14.89% | Not reported | Not reported |
| 2005 | 8.20% | 0.69% | Not reported |
| 2006 | 10.10% | 5.15% | Not reported |
| 2007 | 17.40% | 10.54% | Not reported |
| 2008 | -6.30% | 8.53% | Not reported |
| 2009 | -14.80% | 2.23% | Not reported |
| 2010 | 16.90% | 3.82% | 2.24% |
| 2011 | 13.92% | 4.53% | 4.84% |
| 2012 | -1.47% | 0.93% | 5.63% |
| 2013 | 9.74% | 4.17% | 6.33% |
| 2014 | 18.40% | 10.30% | 6.65% |
| 2015 | 3.40% | 8.47% | 6.17% |
| 2016 | 2.50% | 6.30% | 5.41% |
| 2017 | 12.00% | 9.00% | 4.91% |
| 2018 | 8.20% | 8.60% | 6.44% |
| 2019 | 5.10% | 6.00% | 8.69% |
| 2020 | 1.60% | 5.60% | 7.40% |
| 2021 | 25.12% | 10.10% | 8.50% |
| 2022 | 2.03% | 8.06% | 8.82% |
| 2023 | 8.69% | 8.15% | 8.79% |
| 2024 | 9.61% | 9.09% | 7.63% |
| 2025 | 10.01% | 10.84% | 8.30% |