US public pension profile
Los Angeles Water and Power Employees' Retirement Plan
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 19.5 billion
- Funded ratio
- 100.52%
- Assumed investment return
- 6.50%
Asset allocation in 2025
Returns to 2025
| One year | 10.76% |
|---|---|
| Five years | 9.33% |
| Ten years | 7.85% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 6.2 billion | 18,241 | 109.93% | 8.00% |
| 2002 | USD 5.7 billion | 18,182 | 101.33% | 8.00% |
| 2003 | USD 5.6 billion | 18,337 | 101.43% | 8.00% |
| 2004 | USD 6.0 billion | 18,391 | 97.35% | 8.00% |
| 2005 | USD 6.2 billion | 18,232 | 93.61% | 8.00% |
| 2006 | USD 6.5 billion | 18,224 | 91.50% | 8.00% |
| 2007 | USD 7.4 billion | 18,274 | 91.92% | 8.00% |
| 2008 | USD 6.9 billion | 18,382 | 95.13% | 8.00% |
| 2009 | USD 5.7 billion | 19,115 | 89.97% | 8.00% |
| 2010 | USD 6.3 billion | 19,502 | 81.46% | 7.75% |
| 2011 | USD 7.4 billion | 19,393 | 80.29% | 7.75% |
| 2012 | USD 7.4 billion | 19,120 | 78.14% | 7.75% |
| 2013 | USD 8.3 billion | 19,110 | 78.84% | 7.75% |
| 2014 | USD 9.7 billion | 19,183 | 80.88% | 7.75% |
| 2015 | USD 10.1 billion | 19,576 | 86.91% | 7.50% |
| 2016 | USD 10.1 billion | 20,225 | 84.17% | 7.25% |
| 2017 | USD 11.3 billion | 20,726 | 87.96% | 7.25% |
| 2018 | USD 12.3 billion | 21,007 | 91.07% | 7.25% |
| 2019 | USD 13.0 billion | 21,340 | 92.23% | 7.00% |
| 2020 | USD 13.4 billion | 21,911 | 93.92% | 7.00% |
| 2021 | USD 16.7 billion | 21,877 | 99.20% | 7.00% |
| 2022 | USD 15.5 billion | 22,250 | 98.03% | 6.50% |
| 2023 | USD 16.4 billion | 22,560 | 97.58% | 6.50% |
| 2024 | USD 17.8 billion | 23,148 | 97.64% | 6.50% |
| 2025 | USD 19.5 billion | Not reported | 100.52% | 6.50% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2002 | 57.00% | 31.00% | 0.00% | 0.00% | 0.00% | 12.00% |
| 2003 | 55.00% | 27.00% | 0.00% | 0.00% | 0.00% | 18.00% |
| 2004 | 63.32% | 22.38% | 0.00% | 0.00% | 0.00% | 14.30% |
| 2005 | 63.90% | 35.30% | 0.00% | 0.00% | 0.00% | 0.80% |
| 2006 | 65.00% | 34.00% | 0.00% | 0.00% | 0.00% | 1.00% |
| 2007 | 65.28% | 31.53% | 1.18% | 0.74% | 0.00% | 1.27% |
| 2008 | 59.08% | 35.67% | 1.70% | 1.79% | 0.00% | 1.76% |
| 2009 | 48.07% | 44.91% | 2.06% | 1.69% | 0.00% | 3.27% |
| 2010 | 51.00% | 41.00% | 1.00% | 1.00% | 0.00% | 3.00% |
| 2011 | 58.00% | 31.00% | 1.00% | 2.00% | 0.00% | 3.00% |
| 2012 | 55.45% | 27.72% | 1.98% | 2.97% | 5.94% | 0.99% |
| 2013 | 59.00% | 24.00% | 2.00% | 3.00% | 5.00% | 2.00% |
| 2014 | 61.00% | 20.00% | 2.00% | 3.00% | 7.00% | 1.00% |
| 2015 | 60.00% | 20.00% | 3.00% | 4.00% | 7.00% | 1.00% |
| 2016 | 55.00% | 28.00% | 3.00% | 6.00% | 2.00% | 1.00% |
| 2017 | 58.00% | 26.00% | 3.00% | 6.00% | 1.00% | 1.00% |
| 2018 | 56.00% | 24.00% | 4.00% | 6.00% | 5.00% | 1.00% |
| 2019 | 53.95% | 23.82% | 5.10% | 6.91% | 4.70% | 1.10% |
| 2020 | 53.10% | 24.00% | 5.60% | 7.50% | 4.30% | 1.10% |
| 2021 | 53.97% | 21.65% | 8.13% | 6.42% | 4.02% | 1.11% |
| 2022 | 40.68% | 25.59% | 12.63% | 8.88% | 5.61% | 1.10% |
| 2023 | 42.78% | 23.79% | 13.01% | 8.96% | 5.56% | 0.98% |
| 2024 | 42.01% | 23.62% | 13.77% | 8.87% | 5.60% | 1.29% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | 8.52% | Not reported | Not reported |
| 2002 | -4.16% | Not reported | Not reported |
| 2003 | 1.93% | Not reported | Not reported |
| 2004 | 11.22% | Not reported | Not reported |
| 2005 | 7.16% | 4.79% | Not reported |
| 2006 | 8.45% | 4.83% | Not reported |
| 2007 | 16.58% | 8.96% | Not reported |
| 2008 | -4.43% | 7.34% | Not reported |
| 2009 | -15.53% | 1.88% | 2.61% |
| 2010 | 11.96% | 2.69% | 3.68% |
| 2011 | 19.18% | 4.77% | 4.80% |
| 2012 | 0.07% | 1.47% | 5.11% |
| 2013 | 12.48% | 5.16% | 6.21% |
| 2014 | 16.93% | 11.98% | 7.12% |
| 2015 | 4.30% | 10.08% | 6.74% |
| 2016 | 0.82% | 6.59% | 5.81% |
| 2017 | 12.73% | 9.02% | 5.81% |
| 2018 | 8.84% | 8.46% | 7.13% |
| 2019 | 6.47% | 6.69% | 8.79% |
| 2020 | 3.55% | 6.38% | 7.89% |
| 2021 | 26.30% | 11.74% | 9.58% |
| 2022 | -5.37% | 7.32% | 8.01% |
| 2023 | 7.49% | 7.11% | 7.67% |
| 2024 | 9.77% | 7.87% | 7.21% |
| 2025 | 10.76% | 9.33% | 7.85% |