US public pension profile· ERFC
Educational Employees’ Supplementary Retirement System of Fairfax County
Funding, investment choices and long-term returns.
Virginia ·Fiscal year 2025
ERFC: fiscal year 2025 at a glance
- Market value of assets
- USD 3.4 billion
- Total membership
- 46,862
- Funded ratio
- 77.48%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 33.00% |
|---|---|
| Fixed income | 30.20% |
| Private equity | 0.00% |
| Real estate | 8.50% |
| Hedge funds | 28.30% |
| Cash | 0.00% |
Returns to 2025
| One year | 9.00% |
|---|---|
| Five years | 7.50% |
| Ten years | 6.70% |
ERFC: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.5 billion | 22,878 | 103.00% | 7.50% |
| 2002 | USD 1.4 billion | 23,811 | 95.63% | 7.50% |
| 2003 | USD 1.3 billion | 25,768 | 90.13% | 7.50% |
| 2004 | USD 1.5 billion | 26,860 | Not reported | 7.50% |
| 2005 | USD 1.6 billion | 27,951 | 84.89% | 7.50% |
| 2006 | USD 1.8 billion | 28,825 | 84.94% | 7.50% |
| 2007 | USD 2.0 billion | 29,644 | 86.39% | 7.50% |
| 2008 | USD 1.9 billion | 30,364 | 88.02% | 7.50% |
| 2009 | USD 1.4 billion | 30,891 | 76.88% | 7.50% |
| 2010 | USD 1.6 billion | 31,234 | 75.63% | 7.50% |
| 2011 | USD 1.9 billion | 31,941 | 76.45% | 7.50% |
| 2012 | USD 1.8 billion | 33,304 | 75.56% | 7.50% |
| 2013 | USD 2.0 billion | 34,406 | 75.42% | 7.50% |
| 2014 | USD 2.2 billion | 35,308 | 76.70% | 7.50% |
| 2015 | USD 2.2 billion | 35,637 | 77.69% | 7.50% |
| 2016 | USD 2.1 billion | 36,621 | 75.96% | 7.50% |
| 2017 | USD 2.3 billion | 37,561 | 75.18% | 7.25% |
| 2018 | USD 2.4 billion | 38,329 | 75.72% | 7.25% |
| 2019 | USD 2.5 billion | 39,145 | 73.96% | 7.25% |
| 2020 | USD 2.6 billion | 39,898 | 74.47% | 7.25% |
| 2021 | USD 3.3 billion | 40,617 | 76.65% | 7.25% |
| 2022 | USD 3.0 billion | 41,450 | 78.01% | 7.00% |
| 2023 | USD 3.1 billion | 42,730 | 74.26% | 7.00% |
| 2024 | USD 3.2 billion | 44,779 | 78.46% | 7.00% |
| 2025 | USD 3.4 billion | 46,862 | 77.48% | 7.00% |
ERFC: 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 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2003 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2004 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2005 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2006 | 64.50% | 27.30% | 0.00% | 8.20% | 0.00% | 0.00% |
| 2007 | 66.70% | 25.80% | 0.00% | 7.50% | 0.00% | 0.00% |
| 2008 | 49.10% | 25.90% | 0.00% | 8.00% | 17.00% | 0.00% |
| 2009 | 47.45% | 27.73% | 0.00% | 6.31% | 18.52% | 0.00% |
| 2010 | 45.50% | 26.80% | 0.00% | 7.20% | 20.50% | 0.00% |
| 2011 | 46.20% | 24.70% | 0.50% | 7.40% | 21.20% | 0.00% |
| 2012 | 39.10% | 28.90% | 0.90% | 7.80% | 23.30% | 0.00% |
| 2013 | 41.30% | 27.30% | 1.40% | 7.80% | 22.10% | 0.10% |
| 2014 | 40.00% | 27.50% | 1.60% | 7.70% | 23.10% | 0.10% |
| 2015 | 39.26% | 27.57% | 2.10% | 7.79% | 23.18% | 0.10% |
| 2016 | 35.90% | 29.40% | 2.90% | 8.60% | 23.10% | 0.10% |
| 2017 | 42.40% | 27.60% | 3.00% | 7.80% | 19.10% | 0.10% |
| 2018 | 39.60% | 28.70% | 3.60% | 8.20% | 19.80% | 0.10% |
| 2019 | 38.06% | 28.87% | 4.60% | 8.59% | 19.68% | 0.20% |
| 2020 | 40.80% | 27.70% | 5.50% | 6.70% | 17.00% | 2.30% |
| 2021 | 45.26% | 25.28% | 7.29% | 4.70% | 14.99% | 2.50% |
| 2022 | 38.00% | 26.00% | 0.00% | 8.00% | 28.00% | 0.00% |
| 2023 | 39.70% | 25.00% | 0.00% | 9.00% | 26.30% | 0.00% |
| 2024 | 33.20% | 28.20% | 0.00% | 8.40% | 30.20% | 0.00% |
| 2025 | 33.00% | 30.20% | 0.00% | 8.50% | 28.30% | 0.00% |
ERFC: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -0.30% | 9.10% | 11.80% |
| 2002 | -4.40% | 4.00% | 9.70% |
| 2003 | 3.10% | 1.60% | 8.40% |
| 2004 | 18.00% | 3.60% | 10.00% |
| 2005 | 11.70% | 5.30% | 9.10% |
| 2006 | 10.90% | 7.60% | 8.30% |
| 2007 | 17.70% | 12.10% | 8.00% |
| 2008 | -4.40% | 10.50% | 6.20% |
| 2009 | -19.20% | 2.40% | 3.10% |
| 2010 | 17.10% | 3.40% | 4.30% |
| 2011 | 22.10% | 5.40% | 6.50% |
| 2012 | 0.40% | 2.10% | 6.90% |
| 2013 | 11.20% | 5.20% | 7.80% |
| 2014 | 16.20% | 13.10% | 7.60% |
| 2015 | 2.00% | 10.10% | 6.70% |
| 2016 | -0.30% | 5.70% | 5.50% |
| 2017 | 12.30% | 8.10% | 5.00% |
| 2018 | 8.10% | 7.20% | 6.10% |
| 2019 | 4.70% | 5.10% | 8.90% |
| 2020 | 4.70% | 5.80% | 7.70% |
| 2021 | 26.80% | 11.00% | 8.10% |
| 2022 | -8.70% | 6.80% | 7.30% |
| 2023 | 5.10% | 6.00% | 6.60% |
| 2024 | 6.20% | 6.30% | 5.70% |
| 2025 | 9.00% | 7.50% | 6.70% |