US public pension profile
Kern County Employees' Retirement Association
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 6.5 billion
- Total membership
- 25,047
- Funded ratio
- 72.29%
- Assumed investment return
- 7.25%
Asset allocation in 2025
| Public equity | 33.60% |
|---|---|
| Fixed income | 21.50% |
| Private equity | 5.20% |
| Real estate | 9.50% |
| Hedge funds | 18.30% |
| Cash | 0.60% |
Returns to 2025
| One year | 10.90% |
|---|---|
| Five years | 8.90% |
| Ten years | 7.00% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.5 billion | 13,255 | 103.30% | 8.00% |
| 2002 | USD 1.4 billion | 13,635 | 93.57% | 8.00% |
| 2003 | USD 1.8 billion | 13,800 | 82.69% | 8.00% |
| 2004 | USD 2.0 billion | 13,797 | 93.60% | 8.00% |
| 2005 | USD 2.2 billion | 14,606 | 86.14% | 8.00% |
| 2006 | USD 2.5 billion | 15,450 | 75.63% | 8.00% |
| 2007 | USD 2.9 billion | 16,174 | 75.65% | 8.00% |
| 2008 | USD 2.7 billion | 16,455 | 72.30% | 7.75% |
| 2009 | USD 2.0 billion | 16,722 | 66.10% | 7.75% |
| 2010 | USD 2.3 billion | 16,613 | 62.70% | 7.75% |
| 2011 | USD 2.8 billion | 16,457 | 60.80% | 7.75% |
| 2012 | USD 2.8 billion | 16,891 | 60.50% | 7.75% |
| 2013 | USD 3.1 billion | 17,511 | 61.10% | 7.75% |
| 2014 | USD 3.6 billion | 17,858 | 60.85% | 7.75% |
| 2015 | USD 3.6 billion | 18,133 | 62.40% | 7.50% |
| 2016 | USD 3.6 billion | 18,692 | 63.40% | 7.50% |
| 2017 | USD 4.0 billion | 19,184 | 63.20% | 7.25% |
| 2018 | USD 4.2 billion | 19,772 | 65.07% | 7.25% |
| 2019 | USD 4.3 billion | 20,569 | 64.80% | 7.25% |
| 2020 | USD 4.4 billion | 21,136 | 64.36% | 7.25% |
| 2021 | USD 5.4 billion | 21,424 | 67.08% | 7.25% |
| 2022 | USD 5.1 billion | 22,106 | 69.21% | 7.25% |
| 2023 | USD 5.4 billion | 23,104 | 68.65% | 7.25% |
| 2024 | USD 5.9 billion | 24,326 | 69.87% | 7.25% |
| 2025 | USD 6.5 billion | 25,047 | 72.29% | 7.25% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 54.25% | 36.04% | 1.40% | 6.71% | 0.00% | 1.60% |
| 2002 | 56.20% | 35.90% | 1.10% | 5.80% | 0.00% | 1.00% |
| 2003 | 48.90% | 27.70% | 1.00% | 4.30% | 0.00% | 18.10% |
| 2004 | 61.20% | 31.30% | 1.20% | 3.90% | 0.00% | 2.40% |
| 2005 | 61.20% | 31.30% | 1.20% | 3.90% | 0.00% | 2.40% |
| 2006 | 60.50% | 28.50% | 2.00% | 5.10% | 2.90% | 1.00% |
| 2007 | 60.20% | 27.30% | 3.10% | 4.80% | 2.80% | 1.80% |
| 2008 | 53.50% | 29.90% | 5.40% | 0.00% | 3.00% | 1.80% |
| 2009 | 43.40% | 33.90% | 6.80% | 0.00% | 3.40% | 4.40% |
| 2010 | 46.01% | 29.64% | 7.32% | 0.00% | 5.40% | 2.83% |
| 2011 | 49.60% | 24.20% | 7.40% | 0.00% | 5.50% | 0.10% |
| 2012 | 46.80% | 31.60% | 7.60% | 5.40% | 8.20% | 0.40% |
| 2013 | 46.80% | 32.10% | 6.80% | 7.60% | 0.30% | 6.40% |
| 2014 | 49.40% | 27.50% | 6.00% | 4.90% | 7.10% | 1.10% |
| 2015 | 49.55% | 26.77% | 5.40% | 5.59% | 8.29% | 0.20% |
| 2016 | 47.60% | 28.60% | 4.50% | 5.10% | 9.80% | 0.60% |
| 2017 | 38.71% | 38.07% | 3.37% | 5.80% | 9.60% | 0.51% |
| 2018 | 41.57% | 35.09% | 2.52% | 5.75% | 10.84% | 0.01% |
| 2019 | 39.66% | 33.52% | 1.98% | 6.45% | 13.01% | 1.58% |
| 2020 | 39.00% | 29.60% | 1.30% | 6.20% | 17.60% | 2.80% |
| 2021 | 40.27% | 22.47% | 1.56% | 10.31% | 16.34% | 0.00% |
| 2022 | 33.36% | 21.42% | 2.68% | 8.41% | 18.16% | 0.00% |
| 2023 | 32.02% | 24.80% | 3.46% | 8.10% | 17.59% | 0.00% |
| 2024 | 33.70% | 22.20% | 5.00% | 7.30% | 17.90% | 1.00% |
| 2025 | 33.60% | 21.50% | 5.20% | 9.50% | 18.30% | 0.60% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -5.43% | 9.22% | 10.20% |
| 2002 | -5.97% | 4.27% | 8.76% |
| 2003 | 6.58% | 2.84% | 8.21% |
| 2004 | 16.73% | 3.95% | 9.32% |
| 2005 | 11.09% | 4.33% | 8.88% |
| 2006 | 11.69% | 7.82% | 8.52% |
| 2007 | 18.40% | 12.90% | 8.50% |
| 2008 | -6.50% | 9.98% | 6.35% |
| 2009 | -21.87% | 1.42% | 2.72% |
| 2010 | 13.30% | 1.82% | 3.07% |
| 2011 | 19.20% | 2.90% | 5.20% |
| 2012 | 1.00% | -0.10% | 6.20% |
| 2013 | 10.40% | 3.30% | 6.60% |
| 2014 | 15.00% | 11.70% | 6.40% |
| 2015 | 2.30% | 9.60% | 5.52% |
| 2016 | -0.76% | 5.48% | 4.28% |
| 2017 | 12.00% | 7.69% | 3.70% |
| 2018 | 6.80% | 6.92% | 5.50% |
| 2019 | 5.60% | 5.10% | 8.31% |
| 2020 | 3.00% | 5.10% | 7.20% |
| 2021 | 23.90% | 9.80% | 7.60% |
| 2022 | -4.50% | 6.50% | 7.10% |
| 2023 | 5.90% | 6.50% | 6.60% |
| 2024 | 9.60% | 7.30% | 6.10% |
| 2025 | 10.90% | 8.90% | 7.00% |