US public pension profile· KERS
Kentucky Employees Retirement System
Funding, investment choices and long-term returns.
Kentucky ·Fiscal year 2025
KERS: fiscal year 2025 at a glance
- Market value of assets
- USD 6.3 billion
- Total membership
- 158,130
- Funded ratio
- 32.12%
- Assumed investment return
- 5.33%
Asset allocation in 2025
| Public equity | 34.71% |
|---|---|
| Fixed income | 23.26% |
| Private equity | 4.51% |
| Real estate | 4.83% |
| Hedge funds | 20.88% |
| Cash | 2.45% |
Returns to 2025
| One year | 11.30% |
|---|---|
| Five years | 8.90% |
| Ten years | 7.11% |
KERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 5.8 billion | 95,842 | 125.80% | 8.25% |
| 2002 | USD 5.3 billion | 102,729 | 110.70% | 8.25% |
| 2003 | USD 5.2 billion | 101,656 | 98.00% | 8.25% |
| 2004 | USD 5.6 billion | 109,861 | 85.80% | 8.25% |
| 2005 | USD 5.8 billion | 114,563 | 74.60% | 8.25% |
| 2006 | USD 5.9 billion | 116,791 | 61.30% | 7.75% |
| 2007 | USD 6.3 billion | 121,955 | 58.40% | 7.75% |
| 2008 | USD 5.5 billion | 126,318 | 54.20% | 7.75% |
| 2009 | USD 4.0 billion | 128,496 | 46.70% | 7.75% |
| 2010 | USD 3.9 billion | 132,997 | 40.30% | 7.75% |
| 2011 | USD 4.1 billion | 134,430 | 35.60% | 7.75% |
| 2012 | USD 3.5 billion | 136,035 | 29.70% | 7.75% |
| 2013 | USD 3.3 billion | 137,508 | 25.80% | 7.75% |
| 2014 | USD 3.1 billion | 139,879 | 23.87% | 7.75% |
| 2015 | USD 2.9 billion | 141,783 | 21.94% | 7.50% |
| 2016 | USD 2.5 billion | 143,673 | 18.87% | 6.80% |
| 2017 | USD 2.7 billion | 145,246 | 16.34% | 5.32% |
| 2018 | USD 2.7 billion | 146,126 | 15.80% | 5.32% |
| 2019 | USD 3.0 billion | 147,510 | 16.27% | 5.32% |
| 2020 | USD 3.1 billion | 148,198 | 17.20% | 5.32% |
| 2021 | USD 4.0 billion | 148,641 | 19.97% | 5.32% |
| 2022 | USD 3.9 billion | 149,877 | 21.78% | 5.32% |
| 2023 | USD 4.5 billion | 153,122 | 21.78% | 5.33% |
| 2024 | USD 5.3 billion | 155,751 | 28.23% | 5.33% |
| 2025 | USD 6.3 billion | 158,130 | 32.12% | 5.33% |
KERS: 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 | 44.76% | 18.48% | 9.99% | 3.90% | 10.39% | 2.40% |
| 2015 | 43.84% | 18.72% | 9.61% | 5.30% | 10.71% | 2.10% |
| 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 | 36.11% | 20.74% | 7.62% | 3.69% | 18.41% | 7.07% |
| 2022 | 32.43% | 19.77% | 7.49% | 5.50% | 19.70% | 11.96% |
| 2023 | 35.74% | 18.98% | 5.05% | 5.19% | 17.99% | 14.80% |
| 2024 | 34.44% | 23.40% | 4.99% | 5.30% | 19.57% | 4.04% |
| 2025 | 34.71% | 23.26% | 4.51% | 4.83% | 20.88% | 2.45% |
KERS: 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 | 9.80% | 7.02% | 6.21% |
| 2025 | 11.30% | 8.90% | 7.11% |