US public pension profile· IMRF
Illinois Municipal Retirement Fund
Funding, investment choices and long-term returns.
Illinois ·Fiscal year 2025
IMRF: fiscal year 2025 at a glance
- Market value of assets
- USD 62.4 billion
- Total membership
- 560,745
- Funded ratio
- 97.37%
- Assumed investment return
- 7.25%
Asset allocation in 2025
| Public equity | 51.90% |
|---|---|
| Fixed income | 23.00% |
| Private equity | 0.00% |
| Real estate | 8.80% |
| Hedge funds | 0.00% |
| Cash | 1.70% |
Returns to 2025
| One year | 14.80% |
|---|---|
| Five years | 7.73% |
| Ten years | 9.14% |
IMRF: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 15.0 billion | 343,842 | 106.40% | 7.50% |
| 2002 | USD 13.5 billion | 353,897 | 101.50% | 7.50% |
| 2003 | USD 16.4 billion | 361,010 | 97.60% | 7.50% |
| 2004 | USD 18.3 billion | 367,590 | 94.30% | 7.50% |
| 2005 | USD 19.9 billion | 377,251 | 94.60% | 7.50% |
| 2006 | USD 22.5 billion | 387,665 | 95.30% | 7.50% |
| 2007 | USD 24.2 billion | 398,659 | 96.10% | 7.50% |
| 2008 | USD 18.0 billion | 420,632 | 84.30% | 7.50% |
| 2009 | USD 22.3 billion | 412,435 | 83.20% | 7.50% |
| 2010 | USD 25.1 billion | 405,195 | 83.30% | 7.50% |
| 2011 | USD 24.8 billion | 409,415 | 83.00% | 7.50% |
| 2012 | USD 28.0 billion | 415,079 | 84.30% | 7.50% |
| 2013 | USD 33.3 billion | 417,227 | 87.56% | 7.50% |
| 2014 | USD 34.9 billion | 423,509 | 87.28% | 7.50% |
| 2015 | USD 34.5 billion | 432,096 | 88.42% | 7.50% |
| 2016 | USD 36.5 billion | 429,134 | 88.91% | 7.50% |
| 2017 | USD 41.4 billion | 439,021 | 92.91% | 7.50% |
| 2018 | USD 38.8 billion | 450,303 | 90.02% | 7.25% |
| 2019 | USD 45.0 billion | 461,368 | 90.66% | 7.25% |
| 2020 | USD 50.6 billion | 464,712 | 94.06% | 7.25% |
| 2021 | USD 57.7 billion | 480,950 | 98.56% | 7.25% |
| 2022 | USD 48.2 billion | 499,620 | 98.17% | 7.25% |
| 2023 | USD 52.6 billion | 519,512 | 96.63% | 7.25% |
| 2024 | USD 55.8 billion | 540,023 | 95.84% | 7.25% |
| 2025 | USD 62.4 billion | 560,745 | 97.37% | 7.25% |
IMRF: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 55.50% | 33.20% | 0.00% | 3.80% | 0.00% | 4.30% |
| 2002 | 50.70% | 38.30% | 0.00% | 4.20% | 0.00% | 3.40% |
| 2003 | 58.46% | 30.93% | 0.00% | 3.50% | 0.00% | 4.00% |
| 2004 | 61.40% | 30.10% | 0.00% | 3.40% | 0.00% | 2.00% |
| 2005 | 60.50% | 30.30% | 0.00% | 3.50% | 0.00% | 2.60% |
| 2006 | 59.40% | 31.90% | 0.00% | 3.00% | 0.00% | 2.50% |
| 2007 | 57.10% | 33.40% | 0.00% | 2.50% | 0.00% | 3.20% |
| 2008 | 44.40% | 44.20% | 0.00% | 2.80% | 0.00% | 3.90% |
| 2009 | 63.50% | 27.60% | 0.00% | 1.80% | 0.00% | 3.00% |
| 2010 | 64.30% | 27.70% | 0.00% | 1.80% | 0.00% | 2.40% |
| 2011 | 61.30% | 28.40% | 0.00% | 2.90% | 0.00% | 3.40% |
| 2012 | 60.30% | 30.10% | 0.00% | 2.80% | 0.00% | 2.30% |
| 2013 | 64.60% | 26.00% | 0.00% | 3.30% | 0.00% | 2.40% |
| 2014 | 63.20% | 26.10% | 0.00% | 4.30% | 0.00% | 1.90% |
| 2015 | 61.40% | 28.30% | 0.00% | 5.20% | 0.00% | 0.60% |
| 2016 | 62.10% | 28.20% | 0.00% | 5.50% | 0.00% | 0.40% |
| 2017 | 62.80% | 26.20% | 0.00% | 6.20% | 0.00% | 1.60% |
| 2018 | 57.60% | 29.50% | 0.00% | 7.20% | 0.00% | 1.70% |
| 2019 | 58.50% | 27.70% | 0.00% | 7.30% | 0.00% | 1.50% |
| 2020 | 61.10% | 24.00% | 0.00% | 7.10% | 0.00% | 1.40% |
| 2021 | 59.70% | 22.60% | 0.00% | 7.80% | 0.00% | 1.20% |
| 2022 | 53.40% | 24.80% | 0.00% | 9.60% | 0.00% | 1.20% |
| 2023 | 55.00% | 23.50% | 0.00% | 8.90% | 0.00% | 1.20% |
| 2024 | 55.40% | 21.60% | 0.00% | 9.20% | 0.00% | 1.20% |
| 2025 | 51.90% | 23.00% | 0.00% | 8.80% | 0.00% | 1.70% |
IMRF: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -6.08% | 8.58% | 9.72% |
| 2002 | -8.72% | 3.53% | 8.08% |
| 2003 | 22.56% | 5.29% | 8.96% |
| 2004 | 12.38% | 3.76% | 10.31% |
| 2005 | 8.49% | 5.12% | 9.12% |
| 2006 | 13.60% | 9.25% | 8.91% |
| 2007 | 8.28% | 13.09% | 8.21% |
| 2008 | -24.97% | 2.57% | 3.92% |
| 2009 | 24.28% | 4.47% | Not reported |
| 2010 | 13.36% | 5.39% | 5.24% |
| 2011 | -0.50% | 2.64% | 5.84% |
| 2012 | 13.51% | 3.61% | 8.18% |
| 2013 | 19.99% | 13.82% | 7.95% |
| 2014 | 5.76% | 10.20% | 7.30% |
| 2015 | 0.20% | 7.54% | 6.46% |
| 2016 | 7.77% | 9.29% | 5.91% |
| 2017 | 15.73% | 9.70% | 6.62% |
| 2018 | -4.41% | 4.84% | 9.20% |
| 2019 | 19.57% | 7.42% | 8.78% |
| 2020 | 14.79% | 10.36% | 8.95% |
| 2021 | 16.63% | 12.12% | 10.70% |
| 2022 | -12.74% | 6.10% | 8.01% |
| 2023 | 13.42% | 9.74% | 7.38% |
| 2024 | 9.33% | 7.76% | 7.70% |
| 2025 | 14.80% | 7.73% | 9.14% |