US public pension profile· CERS
County Employees Retirement System of Kentucky
Funding, investment choices and long-term returns.
Kentucky ·Fiscal year 2025
CERS: fiscal year 2025 at a glance
- Market value of assets
- USD 14.4 billion
- Total membership
- 302,337
- Funded ratio
- 60.18%
- Assumed investment return
- 6.25%
Asset allocation in 2025
| Public equity | 48.41% |
|---|---|
| Fixed income | 12.57% |
| Private equity | 5.67% |
| Real estate | 4.99% |
| Hedge funds | 19.57% |
| Cash | 3.27% |
Returns to 2025
| One year | 11.65% |
|---|---|
| Five years | 10.19% |
| Ten years | 7.87% |
CERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 5.6 billion | 143,961 | 141.00% | 8.25% |
| 2002 | USD 5.3 billion | 150,107 | 125.30% | 8.25% |
| 2003 | USD 5.3 billion | 155,510 | 114.10% | 8.25% |
| 2004 | USD 5.9 billion | 169,472 | 101.00% | 8.25% |
| 2005 | USD 6.3 billion | 177,252 | 90.70% | 8.25% |
| 2006 | USD 6.7 billion | 183,144 | 81.40% | 7.75% |
| 2007 | USD 7.6 billion | 191,804 | 80.10% | 7.75% |
| 2008 | USD 7.1 billion | 198,526 | 77.10% | 7.75% |
| 2009 | USD 5.7 billion | 201,842 | 70.60% | 7.75% |
| 2010 | USD 6.3 billion | 207,984 | 65.50% | 7.75% |
| 2011 | USD 7.3 billion | 213,059 | 62.90% | 7.75% |
| 2012 | USD 7.1 billion | 216,491 | 60.00% | 7.75% |
| 2013 | USD 7.6 billion | 221,401 | 59.50% | 7.75% |
| 2014 | USD 8.6 billion | 227,408 | 61.90% | 7.75% |
| 2015 | USD 8.5 billion | 233,544 | 59.72% | 7.50% |
| 2016 | USD 8.2 billion | 239,772 | 58.69% | 6.94% |
| 2017 | USD 9.0 billion | 247,933 | 51.59% | 5.52% |
| 2018 | USD 9.4 billion | 252,833 | 51.55% | 5.52% |
| 2019 | USD 9.7 billion | 260,507 | 48.08% | 5.52% |
| 2020 | USD 9.5 billion | 265,817 | 48.24% | 6.25% |
| 2021 | USD 11.6 billion | 269,237 | 50.40% | 6.25% |
| 2022 | USD 10.8 billion | 276,960 | 50.79% | 6.25% |
| 2023 | USD 11.8 billion | 285,923 | 54.82% | 6.50% |
| 2024 | USD 13.2 billion | 294,563 | 57.18% | 6.25% |
| 2025 | USD 14.4 billion | 302,337 | 60.18% | 6.25% |
CERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 49.90% | 37.80% | 5.30% | 0.00% | 0.00% | 7.00% |
| 2002 | 49.00% | 41.00% | 6.00% | 0.00% | 0.00% | 4.00% |
| 2003 | 51.00% | 40.00% | 4.00% | 0.00% | 0.00% | 5.00% |
| 2004 | 57.00% | 35.00% | 5.00% | 0.00% | 0.00% | 3.00% |
| 2005 | 55.20% | 35.60% | 6.60% | 0.00% | 0.00% | 2.60% |
| 2006 | 56.70% | 35.10% | 5.80% | 0.00% | 0.00% | 2.40% |
| 2007 | 56.80% | 33.30% | 6.90% | 0.00% | 0.00% | 3.00% |
| 2008 | 53.40% | 34.90% | 9.50% | 0.00% | 0.00% | 2.20% |
| 2009 | 52.10% | 24.80% | 10.20% | 0.00% | 0.00% | 3.20% |
| 2010 | 51.40% | 23.90% | 14.30% | 0.00% | 0.00% | 1.00% |
| 2011 | 47.65% | 22.22% | 11.31% | 0.80% | 0.60% | 7.61% |
| 2012 | 41.90% | 21.30% | 12.30% | 2.00% | 10.20% | 1.50% |
| 2013 | 43.90% | 19.40% | 11.20% | 2.90% | 10.60% | 2.20% |
| 2014 | 43.90% | 19.40% | 11.20% | 2.90% | 10.60% | 2.20% |
| 2015 | 43.80% | 18.60% | 9.60% | 5.30% | 10.70% | 2.30% |
| 2016 | 51.00% | 13.70% | 10.20% | 4.70% | 10.20% | 1.80% |
| 2017 | 49.65% | 16.92% | 9.91% | 4.50% | 7.61% | 3.00% |
| 2018 | 38.35% | 30.22% | 9.88% | 3.55% | 5.71% | 3.69% |
| 2019 | 38.85% | 33.56% | 9.00% | 3.74% | 1.52% | 4.89% |
| 2020 | 39.18% | 38.26% | 7.92% | 4.42% | 1.23% | 3.33% |
| 2021 | 47.05% | 12.93% | 9.12% | 3.93% | 18.44% | 1.91% |
| 2022 | 45.93% | 11.76% | 9.35% | 5.93% | 21.54% | 1.51% |
| 2023 | 50.45% | 10.23% | 7.85% | 6.15% | 19.96% | 2.22% |
| 2024 | 52.49% | 10.02% | 6.40% | 5.14% | 19.89% | 1.96% |
| 2025 | 48.41% | 12.57% | 5.67% | 4.99% | 19.57% | 3.27% |
CERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -5.42% | 11.51% | Not reported |
| 2002 | -4.28% | 5.88% | Not reported |
| 2003 | 4.28% | 2.80% | Not reported |
| 2004 | 13.59% | 2.67% | Not reported |
| 2005 | 9.30% | 3.20% | 9.70% |
| 2006 | 9.70% | 6.30% | 8.90% |
| 2007 | 15.30% | 10.40% | 8.10% |
| 2008 | -4.21% | 8.51% | 5.60% |
| 2009 | -17.21% | 1.86% | 2.26% |
| 2010 | 15.81% | 3.04% | 3.12% |
| 2011 | 18.96% | 4.71% | 5.51% |
| 2012 | 0.14% | 1.80% | 5.99% |
| 2013 | 10.82% | 4.75% | 6.60% |
| 2014 | 15.55% | 11.97% | 6.78% |
| 2015 | 2.01% | 9.18% | 6.05% |
| 2016 | -0.52% | 5.38% | 5.02% |
| 2017 | 13.47% | 8.08% | 4.86% |
| 2018 | 8.57% | 7.63% | 6.18% |
| 2019 | 5.83% | 5.76% | 8.82% |
| 2020 | 1.15% | 5.58% | 7.37% |
| 2021 | 25.00% | 10.51% | 7.92% |
| 2022 | -5.73% | 6.49% | 7.28% |
| 2023 | 9.54% | 6.68% | 7.16% |
| 2024 | 11.63% | 7.96% | 6.89% |
| 2025 | 11.65% | 10.19% | 7.87% |