US public pension profile· Indiana TRF
Indiana State Teachers’ Retirement Fund
Funding, investment choices and long-term returns.
Indiana ·Fiscal year 2025
Indiana TRF: fiscal year 2025 at a glance
- Market value of assets
- USD 19.3 billion
- Total membership
- 140,793
- Funded ratio
- 80.45%
- Assumed investment return
- 6.25%
Asset allocation in 2025
| Public equity | 17.40% |
|---|---|
| Fixed income | 27.94% |
| Private equity | 14.24% |
| Real estate | 8.70% |
| Hedge funds | 23.46% |
| Cash | 0.26% |
Returns to 2025
| One year | 11.00% |
|---|---|
| Five years | 7.50% |
| Ten years | 6.50% |
Indiana TRF: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 5.8 billion | 114,026 | 43.00% | 7.50% |
| 2002 | USD 5.7 billion | 148,623 | 42.10% | 7.50% |
| 2003 | USD 6.1 billion | 145,562 | 44.40% | 7.50% |
| 2004 | USD 6.8 billion | 147,310 | 44.80% | 7.50% |
| 2005 | USD 7.2 billion | 149,737 | 43.40% | 7.50% |
| 2006 | USD 7.8 billion | 151,414 | 44.30% | 7.50% |
| 2007 | USD 9.0 billion | 160,511 | 45.10% | 7.50% |
| 2008 | USD 8.6 billion | 162,410 | 48.20% | 7.50% |
| 2009 | USD 7.2 billion | 164,590 | 41.90% | 7.50% |
| 2010 | USD 8.1 billion | 162,048 | 44.30% | 7.00% |
| 2011 | USD 9.1 billion | 153,122 | 43.80% | 7.00% |
| 2012 | USD 9.1 billion | 140,233 | 42.70% | 6.75% |
| 2013 | USD 9.6 billion | 141,534 | 45.70% | 6.75% |
| 2014 | USD 10.7 billion | 141,534 | 48.14% | 6.75% |
| 2015 | USD 10.5 billion | 144,461 | 46.38% | 6.75% |
| 2016 | USD 10.4 billion | 147,521 | 46.81% | 6.75% |
| 2017 | USD 11.1 billion | 149,911 | 48.05% | 6.75% |
| 2018 | USD 9.2 billion | 138,853 | 45.66% | 6.75% |
| 2019 | USD 9.9 billion | 137,504 | 47.87% | 6.75% |
| 2020 | USD 10.0 billion | 137,680 | 49.91% | 6.75% |
| 2021 | USD 13.1 billion | 138,856 | 53.57% | 6.25% |
| 2022 | USD 12.6 billion | 138,421 | 58.48% | 6.25% |
| 2023 | USD 16.2 billion | 139,284 | 74.96% | 6.25% |
| 2024 | USD 17.4 billion | 140,252 | 75.87% | 6.25% |
| 2025 | USD 19.3 billion | 140,793 | 80.45% | 6.25% |
Indiana TRF: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 42.60% | 57.40% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2002 | 44.88% | 55.05% | 0.07% | 0.00% | 0.00% | 0.00% |
| 2003 | 45.12% | 54.59% | 0.29% | 0.00% | 0.00% | 0.00% |
| 2004 | 79.90% | 19.30% | 0.80% | 0.00% | 0.00% | 0.00% |
| 2005 | 58.37% | 40.64% | 0.99% | 0.00% | 0.00% | 0.00% |
| 2006 | 53.25% | 40.39% | 1.64% | 1.97% | 2.74% | 0.00% |
| 2007 | 56.29% | 36.10% | 2.30% | 2.72% | 2.59% | 0.00% |
| 2008 | 60.30% | 23.40% | 5.70% | 5.90% | 4.70% | 0.00% |
| 2009 | 52.40% | 29.80% | 7.20% | 5.50% | 4.40% | 0.00% |
| 2010 | 34.60% | 42.80% | 8.40% | 3.90% | 9.30% | 0.00% |
| 2011 | 39.10% | 35.90% | 9.40% | 4.10% | 10.30% | 0.00% |
| 2012 | 25.20% | 35.60% | 13.30% | 4.70% | 13.30% | 0.00% |
| 2013 | 24.20% | 32.00% | 13.00% | 5.30% | 18.20% | 0.00% |
| 2014 | 23.62% | 31.53% | 12.71% | 5.40% | 18.92% | 0.00% |
| 2015 | 22.40% | 31.60% | 12.90% | 6.20% | 19.40% | 0.00% |
| 2016 | 22.30% | 28.50% | 13.30% | 6.60% | 20.20% | 1.70% |
| 2017 | 23.60% | 27.40% | 12.70% | 6.50% | 20.70% | 1.20% |
| 2018 | 22.10% | 27.20% | 12.20% | 6.10% | 22.30% | 1.10% |
| 2019 | 21.30% | 27.50% | 12.50% | 6.00% | 22.80% | 2.30% |
| 2020 | 21.80% | 26.70% | 12.20% | 6.80% | 24.00% | 1.90% |
| 2021 | 21.00% | 22.90% | 14.80% | 6.40% | 25.20% | 1.50% |
| 2022 | 15.56% | 28.80% | 14.96% | 7.22% | 24.85% | 0.26% |
| 2023 | 17.82% | 29.00% | 14.32% | 7.07% | 23.58% | 0.09% |
| 2024 | 16.77% | 28.12% | 14.32% | 8.12% | 24.54% | 0.35% |
| 2025 | 17.40% | 27.94% | 14.24% | 8.70% | 23.46% | 0.26% |
Indiana TRF: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | 0.83% | 8.29% | Not reported |
| 2002 | -3.80% | Not reported | Not reported |
| 2003 | 4.78% | Not reported | Not reported |
| 2004 | 15.07% | 4.94% | Not reported |
| 2005 | 9.26% | 4.81% | Not reported |
| 2006 | 11.43% | 7.14% | Not reported |
| 2007 | 18.17% | 11.64% | Not reported |
| 2008 | -5.70% | 9.30% | Not reported |
| 2009 | -18.00% | 2.00% | Not reported |
| 2010 | 14.30% | 2.90% | 4.05% |
| 2011 | 18.00% | 4.20% | 5.70% |
| 2012 | 0.70% | 0.20% | 5.70% |
| 2013 | 6.00% | 3.00% | 5.90% |
| 2014 | 13.73% | 10.51% | 5.68% |
| 2015 | 0.72% | 7.68% | 4.73% |
| 2016 | 1.19% | 4.18% | 3.80% |
| 2017 | 8.00% | 5.70% | 2.90% |
| 2018 | 9.30% | 6.30% | 4.60% |
| 2019 | 7.40% | 5.10% | 7.80% |
| 2020 | 2.60% | 5.60% | 6.70% |
| 2021 | 25.50% | 10.30% | 7.20% |
| 2022 | -6.60% | 7.10% | 6.40% |
| 2023 | 2.50% | 5.80% | 6.00% |
| 2024 | 7.40% | 5.80% | 5.40% |
| 2025 | 11.00% | 7.50% | 6.50% |