US public pension profile
Houston Police Officers' Pension System
Funding, investment choices and long-term returns.
Texas ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 8.3 billion
- Total membership
- 10,693
- Funded ratio
- 94.15%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 47.08% |
|---|---|
| Fixed income | 13.62% |
| Private equity | 18.54% |
| Real estate | 8.71% |
| Hedge funds | 11.77% |
| Cash | 0.28% |
Returns to 2025
| One year | 9.40% |
|---|---|
| Five years | 11.30% |
| Ten years | 8.60% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 2.1 billion | 7,076 | 97.00% | 8.50% |
| 2002 | USD 1.9 billion | 7,211 | 90.00% | 8.50% |
| 2003 | USD 2.0 billion | 7,302 | 83.29% | 8.50% |
| 2004 | USD 2.4 billion | 7,330 | 73.85% | 8.50% |
| 2005 | USD 2.7 billion | 7,270 | 74.00% | 8.50% |
| 2006 | USD 2.9 billion | 7,317 | 74.00% | 8.50% |
| 2007 | USD 3.4 billion | 7,596 | 78.00% | 8.50% |
| 2008 | USD 3.3 billion | 7,874 | 82.00% | 8.50% |
| 2009 | USD 2.7 billion | 8,145 | 79.00% | 8.50% |
| 2010 | USD 3.0 billion | 8,356 | 83.00% | 8.50% |
| 2011 | USD 3.5 billion | 8,433 | 83.00% | 8.50% |
| 2012 | USD 3.6 billion | 8,556 | 82.00% | 8.50% |
| 2013 | USD 3.8 billion | 8,713 | 81.00% | 8.50% |
| 2014 | USD 4.3 billion | 8,846 | 80.96% | 8.50% |
| 2015 | USD 4.3 billion | 8,987 | 79.75% | 8.00% |
| 2016 | USD 4.1 billion | 9,169 | 77.53% | 8.00% |
| 2017 | USD 4.5 billion | 9,437 | 78.30% | 7.00% |
| 2018 | USD 5.5 billion | 9,622 | 79.35% | 7.00% |
| 2019 | USD 5.7 billion | 9,819 | 81.66% | 7.00% |
| 2020 | USD 5.6 billion | 9,990 | 82.38% | 7.00% |
| 2021 | USD 7.1 billion | 10,079 | 85.41% | 7.00% |
| 2022 | USD 6.9 billion | 10,223 | 87.51% | 7.00% |
| 2023 | USD 7.2 billion | 10,358 | 89.32% | 7.00% |
| 2024 | USD 7.8 billion | 10,570 | 92.05% | 7.00% |
| 2025 | USD 8.3 billion | 10,693 | 94.15% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 61.00% | 29.00% | 0.00% | 0.00% | 0.00% | 2.00% |
| 2002 | 59.00% | 25.00% | 0.00% | 0.00% | 0.00% | 8.00% |
| 2003 | 61.00% | 23.00% | 0.00% | 0.00% | 0.00% | 7.00% |
| 2004 | 64.64% | 24.27% | 8.94% | 0.04% | 1.10% | 1.01% |
| 2005 | 63.85% | 22.39% | 10.20% | 0.03% | 1.36% | 2.17% |
| 2006 | 45.58% | 30.46% | 9.86% | 2.81% | 0.00% | 1.95% |
| 2007 | 44.35% | 28.18% | 9.06% | 6.00% | 0.00% | 1.15% |
| 2008 | 40.20% | 29.00% | 8.70% | 0.00% | 7.20% | 1.60% |
| 2009 | 34.17% | 30.57% | 9.09% | 0.00% | 9.79% | 6.09% |
| 2010 | 37.80% | 26.80% | 9.40% | 0.00% | 25.10% | 0.40% |
| 2011 | 31.07% | 30.57% | 8.89% | 0.00% | 27.27% | 1.50% |
| 2012 | 25.10% | 27.60% | 8.50% | 0.00% | 36.30% | 1.10% |
| 2013 | 29.22% | 25.17% | 8.00% | 0.00% | 34.75% | 0.59% |
| 2014 | 44.14% | 13.73% | 6.67% | 2.29% | 30.79% | 1.05% |
| 2015 | 45.36% | 8.45% | 7.44% | 2.66% | 34.44% | 0.00% |
| 2016 | 49.81% | 7.76% | 9.29% | 5.75% | 25.10% | 0.00% |
| 2017 | 51.72% | 9.08% | 10.23% | 6.31% | 19.98% | 0.00% |
| 2018 | 51.72% | 14.98% | 10.40% | 5.82% | 14.41% | 0.00% |
| 2019 | 50.73% | 20.95% | 14.06% | 6.50% | 7.76% | 0.00% |
| 2020 | 54.46% | 17.27% | 14.92% | 8.05% | 5.30% | 0.00% |
| 2021 | 53.63% | 17.59% | 15.39% | 7.55% | 5.83% | 0.00% |
| 2022 | 43.36% | 19.88% | 18.78% | 10.49% | 6.29% | 1.20% |
| 2023 | 45.89% | 11.88% | 19.13% | 9.95% | 13.14% | 0.00% |
| 2024 | 47.43% | 11.32% | 18.71% | 9.35% | 13.19% | 0.00% |
| 2025 | 47.08% | 13.62% | 18.54% | 8.71% | 11.77% | 0.28% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -4.00% | Not reported | Not reported |
| 2002 | -8.80% | Not reported | Not reported |
| 2003 | 4.20% | Not reported | Not reported |
| 2004 | 21.60% | Not reported | Not reported |
| 2005 | 13.50% | 4.72% | Not reported |
| 2006 | 11.20% | 7.84% | Not reported |
| 2007 | 17.90% | 13.52% | Not reported |
| 2008 | 0.30% | 12.66% | Not reported |
| 2009 | -18.20% | 4.07% | Not reported |
| 2010 | 13.70% | 4.11% | 4.41% |
| 2011 | 21.10% | 5.90% | 6.86% |
| 2012 | 3.00% | 3.08% | 8.17% |
| 2013 | 7.90% | 4.60% | 8.60% |
| 2014 | 17.40% | 12.43% | 8.17% |
| 2015 | 0.80% | 9.75% | 6.90% |
| 2016 | -3.20% | 4.95% | 5.42% |
| 2017 | 16.80% | 7.62% | 5.32% |
| 2018 | 9.80% | 8.00% | 6.28% |
| 2019 | 6.30% | 5.87% | 9.10% |
| 2020 | 1.10% | 5.94% | 7.83% |
| 2021 | 32.30% | 12.77% | 8.79% |
| 2022 | -1.40% | 9.10% | 8.40% |
| 2023 | 7.80% | 8.60% | 8.30% |
| 2024 | 11.00% | 9.50% | 7.70% |
| 2025 | 9.40% | 11.30% | 8.60% |