US public pension profile· IPERS
Iowa Public Employees' Retirement System
Funding, investment choices and long-term returns.
Iowa ·Fiscal year 2025
IPERS: fiscal year 2025 at a glance
- Market value of assets
- USD 46.7 billion
- Total membership
- 421,972
- Funded ratio
- 92.17%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 40.53% |
|---|---|
| Fixed income | 28.55% |
| Private equity | 16.89% |
| Real estate | 0.00% |
| Hedge funds | 6.13% |
| Cash | 1.05% |
Returns to 2025
| One year | 9.87% |
|---|---|
| Five years | 9.49% |
| Ten years | 8.06% |
IPERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 15.9 billion | 255,963 | 97.16% | 7.50% |
| 2002 | USD 14.9 billion | 264,974 | 92.56% | 7.50% |
| 2003 | USD 15.4 billion | 268,813 | 89.62% | 7.50% |
| 2004 | USD 17.2 billion | 272,573 | 88.62% | 7.50% |
| 2005 | USD 18.8 billion | 267,214 | 88.69% | 7.50% |
| 2006 | USD 20.4 billion | 271,007 | 88.42% | 7.50% |
| 2007 | USD 23.2 billion | 276,421 | 90.16% | 7.50% |
| 2008 | USD 22.4 billion | 282,758 | 89.13% | 7.50% |
| 2009 | USD 18.0 billion | 285,649 | 81.19% | 7.50% |
| 2010 | USD 19.9 billion | 287,611 | 81.37% | 7.50% |
| 2011 | USD 23.1 billion | 291,825 | 79.89% | 7.50% |
| 2012 | USD 23.2 billion | 335,654 | 79.91% | 7.50% |
| 2013 | USD 24.9 billion | 342,652 | 81.02% | 7.50% |
| 2014 | USD 28.0 billion | 346,059 | 82.68% | 7.50% |
| 2015 | USD 28.4 billion | 345,869 | 83.65% | 7.50% |
| 2016 | USD 28.3 billion | 349,459 | 83.86% | 7.50% |
| 2017 | USD 30.8 billion | 355,372 | 81.39% | 7.00% |
| 2018 | USD 32.3 billion | 361,154 | 82.36% | 7.00% |
| 2019 | USD 34.0 billion | 366,895 | 83.73% | 7.00% |
| 2020 | USD 34.0 billion | 373,922 | 83.96% | 7.00% |
| 2021 | USD 42.9 billion | 380,408 | 88.34% | 7.00% |
| 2022 | USD 40.2 billion | 391,124 | 89.50% | 7.00% |
| 2023 | USD 41.2 billion | 402,484 | 89.70% | 7.00% |
| 2024 | USD 43.7 billion | 412,384 | 90.75% | 7.00% |
| 2025 | USD 46.7 billion | 421,972 | 92.17% | 7.00% |
IPERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 43.00% | 38.00% | 7.00% | 6.00% | 5.00% | 1.00% |
| 2002 | 42.20% | 40.40% | 5.70% | 6.40% | 5.00% | 0.30% |
| 2003 | 45.06% | 37.16% | 6.09% | 5.99% | 5.10% | 0.60% |
| 2004 | 49.90% | 37.50% | 6.10% | 6.10% | 0.00% | 0.40% |
| 2005 | 47.90% | 38.80% | 6.30% | 6.50% | 0.00% | 0.50% |
| 2006 | 46.30% | 37.40% | 7.60% | 8.40% | 0.00% | 0.30% |
| 2007 | 45.36% | 36.97% | 8.40% | 8.80% | 0.00% | 0.47% |
| 2008 | 39.23% | 39.57% | 11.20% | 9.20% | 0.00% | 0.80% |
| 2009 | 34.53% | 40.86% | 11.56% | 8.34% | 3.24% | 1.47% |
| 2010 | 38.67% | 38.40% | 12.70% | 7.78% | 1.44% | 1.01% |
| 2011 | 42.48% | 36.30% | 12.32% | 7.66% | 0.00% | 1.24% |
| 2012 | 39.95% | 37.54% | 12.39% | 8.86% | 0.00% | 1.26% |
| 2013 | 42.66% | 30.39% | 11.52% | 7.90% | 4.93% | 1.43% |
| 2014 | 42.17% | 31.48% | 10.99% | 7.80% | 5.12% | 0.76% |
| 2015 | 40.58% | 32.65% | 11.43% | 8.02% | 4.99% | 0.74% |
| 2016 | 40.04% | 32.88% | 11.57% | 8.39% | 5.17% | 0.50% |
| 2017 | 38.00% | 28.00% | 13.00% | 13.00% | 4.00% | 4.00% |
| 2018 | 40.59% | 27.72% | 12.87% | 12.87% | 4.95% | 0.99% |
| 2019 | 39.60% | 26.73% | 13.86% | 12.87% | 5.94% | 0.99% |
| 2020 | 44.44% | 27.27% | 14.14% | 6.06% | 7.07% | 1.01% |
| 2021 | 43.00% | 25.00% | 18.00% | 6.00% | 7.00% | 1.00% |
| 2022 | 39.39% | 22.22% | 21.21% | 9.09% | 4.04% | 1.01% |
| 2023 | 42.00% | 22.00% | 19.00% | 8.00% | 5.00% | 1.00% |
| 2024 | 39.17% | 25.26% | 18.38% | 7.07% | 5.93% | 1.18% |
| 2025 | 40.53% | 28.55% | 16.89% | 0.00% | 6.13% | 1.05% |
IPERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -4.73% | 11.65% | 11.20% |
| 2002 | -4.94% | 6.48% | 9.64% |
| 2003 | 5.59% | 4.12% | 9.16% |
| 2004 | 13.78% | 4.23% | 10.27% |
| 2005 | 11.25% | 3.89% | 9.93% |
| 2006 | 11.11% | 7.14% | 9.37% |
| 2007 | 16.29% | 11.64% | 9.03% |
| 2008 | -1.33% | 10.14% | 7.09% |
| 2009 | -16.27% | 3.50% | 3.91% |
| 2010 | 13.82% | 3.97% | 3.98% |
| 2011 | 19.91% | 5.57% | 6.40% |
| 2012 | 3.73% | 3.18% | 7.33% |
| 2013 | 10.12% | 5.48% | 7.78% |
| 2014 | 15.88% | 12.56% | 7.93% |
| 2015 | 3.96% | 10.55% | 7.21% |
| 2016 | 2.15% | 7.06% | 6.31% |
| 2017 | 11.70% | 8.65% | 5.89% |
| 2018 | 7.97% | 8.22% | 6.84% |
| 2019 | 8.35% | 6.77% | 9.63% |
| 2020 | 3.39% | 6.66% | 8.58% |
| 2021 | 29.63% | 11.86% | 9.43% |
| 2022 | -3.90% | 8.55% | 8.60% |
| 2023 | 5.41% | 8.03% | 8.12% |
| 2024 | 9.07% | 8.17% | 7.47% |
| 2025 | 9.87% | 9.49% | 8.06% |