US public pension profile· Hawaii ERS
Employees’ Retirement System of the State of Hawaii
Funding, investment choices and long-term returns.
Hawaii ·Fiscal year 2025
Hawaii ERS: fiscal year 2025 at a glance
- Total membership
- 132,191
- Funded ratio
- 63.62%
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
Hawaii ERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 8.8 billion | 93,068 | 90.60% | 8.00% |
| 2002 | USD 7.9 billion | 96,373 | 84.00% | 8.00% |
| 2003 | USD 7.7 billion | 97,831 | 75.90% | 8.00% |
| 2004 | USD 8.6 billion | 99,371 | 71.70% | 8.00% |
| 2005 | USD 9.2 billion | 101,312 | 68.60% | 8.00% |
| 2006 | USD 9.9 billion | 103,537 | 65.00% | 8.00% |
| 2007 | USD 11.5 billion | 106,129 | 67.50% | 8.00% |
| 2008 | USD 10.8 billion | 108,696 | 68.80% | 8.00% |
| 2009 | USD 8.8 billion | 110,927 | 64.60% | 8.00% |
| 2010 | USD 9.8 billion | 111,226 | 61.40% | 8.00% |
| 2011 | USD 11.7 billion | 111,648 | 59.40% | 7.75% |
| 2012 | USD 11.3 billion | 113,282 | 59.20% | 7.75% |
| 2013 | USD 12.3 billion | 115,350 | 60.00% | 7.75% |
| 2014 | USD 14.2 billion | 118,398 | 61.39% | 7.75% |
| 2015 | USD 14.5 billion | 119,006 | 62.24% | 7.65% |
| 2016 | USD 14.1 billion | 120,624 | 54.66% | 7.00% |
| 2017 | USD 15.7 billion | 122,079 | 54.87% | 7.00% |
| 2018 | USD 16.6 billion | 124,089 | 55.19% | 7.00% |
| 2019 | USD 17.2 billion | 125,589 | 55.17% | 7.00% |
| 2020 | USD 17.4 billion | 127,107 | 55.32% | 7.00% |
| 2021 | USD 21.9 billion | 127,190 | 58.32% | 7.00% |
| 2022 | USD 21.9 billion | 127,255 | 61.22% | 7.00% |
| 2023 | USD 22.4 billion | 128,213 | 62.15% | 7.00% |
| 2024 | USD 23.7 billion | 130,004 | 62.99% | 7.00% |
| 2025 | Not reported | 132,191 | 63.62% | 7.00% |
Hawaii ERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 61.00% | 29.00% | 3.00% | 7.00% | 0.00% | 0.00% |
| 2002 | 57.00% | 32.00% | 3.00% | 8.00% | 0.00% | 0.00% |
| 2003 | 59.00% | 30.00% | 3.00% | 8.00% | 0.00% | 0.00% |
| 2004 | 64.00% | 26.00% | 3.00% | 7.00% | 0.00% | 0.00% |
| 2005 | 63.00% | 26.00% | 3.00% | 8.00% | 0.00% | 0.00% |
| 2006 | 62.00% | 25.00% | 4.00% | 9.00% | 0.00% | 0.00% |
| 2007 | 62.50% | 27.08% | 3.12% | 7.29% | 0.00% | 0.00% |
| 2008 | 59.00% | 29.00% | 4.00% | 8.00% | 0.00% | 0.00% |
| 2009 | 52.48% | 34.65% | 4.95% | 7.92% | 0.00% | 0.00% |
| 2010 | 56.00% | 32.00% | 5.00% | 7.00% | 0.00% | 0.00% |
| 2011 | 61.00% | 23.00% | 3.00% | 8.00% | 0.00% | 0.00% |
| 2012 | 52.00% | 26.00% | 4.00% | 8.00% | 4.00% | 0.00% |
| 2013 | 61.54% | 17.31% | 3.85% | 6.73% | 3.85% | 0.00% |
| 2014 | 61.00% | 17.00% | 4.00% | 7.00% | 6.00% | 0.00% |
| 2015 | 60.00% | 18.00% | 5.00% | 6.00% | 6.00% | 0.00% |
| 2016 | 53.00% | 21.00% | 6.00% | 6.00% | 7.00% | 0.00% |
| 2017 | 52.56% | 16.67% | 6.58% | 5.52% | 13.48% | 0.00% |
| 2018 | 50.51% | 16.44% | 7.70% | 5.36% | 13.71% | 0.00% |
| 2019 | 45.16% | 15.38% | 9.41% | 6.01% | 13.93% | 0.00% |
| 2020 | 44.52% | 13.06% | 10.90% | 7.24% | 12.23% | 0.00% |
| 2021 | 45.28% | 12.57% | 14.09% | 7.08% | 10.30% | 0.00% |
| 2022 | 25.75% | 15.66% | 0.00% | 16.20% | 42.39% | 0.00% |
| 2023 | 24.08% | 16.06% | 0.00% | 17.19% | 42.67% | 0.00% |
| 2024 | 23.21% | 22.86% | 0.00% | 18.74% | 35.19% | 0.00% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
Hawaii ERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -6.68% | 8.80% | Not reported |
| 2002 | -5.52% | 3.91% | Not reported |
| 2003 | 2.97% | 1.49% | Not reported |
| 2004 | 15.81% | 2.43% | Not reported |
| 2005 | 11.30% | 3.17% | Not reported |
| 2006 | 11.12% | 6.86% | Not reported |
| 2007 | 17.71% | 11.67% | Not reported |
| 2008 | -3.51% | 10.12% | Not reported |
| 2009 | -17.54% | 2.93% | Not reported |
| 2010 | 11.96% | 3.19% | 3.15% |
| 2011 | 21.25% | 4.94% | 5.89% |
| 2012 | -0.14% | 1.53% | 6.47% |
| 2013 | 12.57% | 4.70% | 7.43% |
| 2014 | 17.77% | 12.44% | 7.61% |
| 2015 | 4.23% | 10.84% | 6.90% |
| 2016 | -0.78% | 6.48% | 5.70% |
| 2017 | -0.78% | 6.48% | 3.91% |
| 2018 | 7.85% | 8.35% | 5.07% |
| 2019 | 6.00% | 6.09% | 7.74% |
| 2020 | 1.28% | 5.48% | 6.67% |
| 2021 | 26.63% | 10.76% | 7.13% |
| 2022 | 4.00% | 8.80% | 7.57% |
| 2023 | 2.40% | 7.70% | 6.56% |
| 2024 | 7.20% | 7.60% | 5.56% |
| 2025 | Not reported | Not reported | Not reported |