US public pension profile
Fairfax County Employees' Retirement System
Funding, investment choices and long-term returns.
Virginia ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 5.4 billion
- Total membership
- 29,954
- Funded ratio
- 71.35%
- Assumed investment return
- 6.75%
Asset allocation in 2025
Returns to 2025
| One year | 8.56% |
|---|---|
| Five years | 7.13% |
| Ten years | 5.89% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.8 billion | 18,232 | 97.31% | 7.50% |
| 2002 | USD 1.7 billion | 18,762 | 90.37% | 7.50% |
| 2003 | USD 1.8 billion | 18,849 | 84.58% | 7.50% |
| 2004 | USD 2.1 billion | 19,347 | 84.22% | 7.50% |
| 2005 | USD 2.3 billion | 19,640 | 82.29% | 7.50% |
| 2006 | USD 2.5 billion | 19,956 | 82.03% | 7.50% |
| 2007 | USD 2.8 billion | 21,609 | 82.72% | 7.50% |
| 2008 | USD 2.8 billion | 21,897 | 82.70% | 7.50% |
| 2009 | USD 2.0 billion | 22,307 | 73.62% | 7.50% |
| 2010 | USD 2.5 billion | 22,243 | 69.90% | 7.50% |
| 2011 | USD 3.0 billion | 22,782 | 70.70% | 7.50% |
| 2012 | USD 3.2 billion | 23,166 | 71.61% | 7.50% |
| 2013 | USD 3.4 billion | 23,520 | 72.91% | 7.50% |
| 2014 | USD 3.8 billion | 23,870 | 75.28% | 7.50% |
| 2015 | USD 3.7 billion | 24,144 | 76.62% | 7.50% |
| 2016 | USD 3.6 billion | 24,909 | 74.88% | 7.25% |
| 2017 | USD 3.7 billion | 25,541 | 73.23% | 7.25% |
| 2018 | USD 3.9 billion | 26,020 | 72.80% | 7.25% |
| 2019 | USD 4.1 billion | 26,567 | 72.87% | 7.25% |
| 2020 | USD 4.1 billion | 27,162 | 72.96% | 7.25% |
| 2021 | USD 5.1 billion | 27,409 | 78.95% | 7.25% |
| 2022 | USD 4.9 billion | 27,793 | 75.76% | 6.75% |
| 2023 | USD 4.7 billion | 28,325 | 73.70% | 6.75% |
| 2024 | USD 5.0 billion | 29,186 | 71.35% | 6.75% |
| 2025 | USD 5.4 billion | 29,954 | 71.35% | 6.75% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2002 | 51.20% | 38.90% | 0.00% | 9.90% | 0.00% | 0.00% |
| 2003 | 61.40% | 28.00% | 0.00% | 10.60% | 0.00% | 0.00% |
| 2004 | 55.50% | 33.80% | 0.00% | 10.70% | 0.00% | 0.00% |
| 2005 | 52.00% | 37.80% | 0.00% | 10.20% | 0.00% | 0.00% |
| 2006 | 44.00% | 45.50% | 0.00% | 10.50% | 0.00% | 0.00% |
| 2007 | 48.15% | 27.57% | 0.00% | 9.89% | 0.00% | 0.00% |
| 2008 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2009 | 27.60% | 42.00% | 0.00% | 8.60% | 16.10% | 0.00% |
| 2010 | 22.62% | 48.35% | 0.00% | 7.21% | 0.00% | 3.60% |
| 2011 | 24.60% | 46.10% | 0.00% | 8.00% | 0.00% | 3.50% |
| 2012 | 24.30% | 46.90% | 0.00% | 8.00% | 10.40% | 5.00% |
| 2013 | 28.90% | 41.70% | 0.00% | 8.40% | 11.90% | 6.70% |
| 2014 | 31.80% | 45.30% | 0.00% | 8.60% | 11.80% | 0.00% |
| 2015 | 29.40% | 47.60% | 0.00% | 7.50% | 13.20% | 0.00% |
| 2016 | 27.80% | 28.20% | 0.00% | 8.80% | 29.50% | 3.70% |
| 2017 | 27.20% | 26.60% | 0.00% | 10.90% | 30.30% | 5.00% |
| 2018 | 24.02% | 26.86% | 0.00% | 10.42% | 34.45% | 4.25% |
| 2019 | 23.29% | 27.92% | 0.00% | 10.27% | 34.44% | 4.08% |
| 2020 | 23.70% | 32.70% | 0.00% | 8.90% | 29.40% | 5.30% |
| 2021 | 26.35% | 30.41% | 0.00% | 15.11% | 25.02% | 3.12% |
| 2022 | 26.00% | 28.51% | 0.00% | 17.83% | 24.60% | 3.06% |
| 2023 | 27.70% | 30.40% | 0.00% | 11.90% | 28.40% | 1.60% |
| 2024 | 29.90% | 27.20% | 0.00% | 0.00% | 28.50% | 2.50% |
| 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 | -0.20% | 10.40% | 11.70% |
| 2002 | -3.90% | 5.50% | 9.90% |
| 2003 | 5.88% | 3.28% | 8.77% |
| 2004 | 18.40% | 5.00% | 10.10% |
| 2005 | 13.60% | 6.40% | 10.10% |
| 2006 | 9.40% | 8.40% | 9.40% |
| 2007 | 15.20% | 12.40% | 8.90% |
| 2008 | 0.83% | 11.32% | Not reported |
| 2009 | -23.30% | 2.10% | 3.60% |
| 2010 | 25.70% | 4.20% | 5.30% |
| 2011 | 24.10% | 6.80% | 7.60% |
| 2012 | 8.90% | 5.60% | 9.00% |
| 2013 | 8.10% | 7.10% | 9.20% |
| 2014 | 15.20% | 16.20% | 8.90% |
| 2015 | 0.80% | 11.20% | 7.60% |
| 2016 | -0.46% | 6.50% | 6.60% |
| 2017 | 7.50% | 6.20% | 5.90% |
| 2018 | 7.30% | 5.70% | 6.10% |
| 2019 | 6.30% | 4.10% | 9.70% |
| 2020 | 2.90% | 4.60% | 7.60% |
| 2021 | 26.90% | 9.70% | 7.90% |
| 2022 | -3.70% | 7.50% | 6.60% |
| 2023 | -2.50% | 5.50% | 5.60% |
| 2024 | 9.10% | 6.00% | 5.00% |
| 2025 | 8.56% | 7.13% | 5.89% |