US public pension profile· MSRPS Teachers
Maryland State Retirement and Pension System - Teachers Combined System
Funding, investment choices and long-term returns.
Maryland ·Fiscal year 2025
MSRPS Teachers: fiscal year 2025 at a glance
- Market value of assets
- USD 44.2 billion
- Total membership
- 225,605
- Funded ratio
- 76.85%
- Assumed investment return
- 6.80%
Asset allocation in 2025
| Public equity | 31.20% |
|---|---|
| Fixed income | 15.70% |
| Private equity | 20.50% |
| Real estate | 9.50% |
| Hedge funds | 14.30% |
| Cash | 3.90% |
Returns to 2025
| One year | 9.83% |
|---|---|
| Five years | 8.29% |
| Ten years | 7.04% |
MSRPS Teachers: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 17.8 billion | 150,760 | 95.31% | 8.00% |
| 2002 | USD 16.1 billion | 156,316 | 91.98% | 8.00% |
| 2003 | USD 16.1 billion | 159,834 | 92.79% | 8.00% |
| 2004 | USD 18.2 billion | 161,458 | 92.78% | 7.75% |
| 2005 | USD 19.4 billion | 166,024 | 89.26% | 7.75% |
| 2006 | USD 20.7 billion | 171,650 | 84.22% | 7.75% |
| 2007 | USD 23.8 billion | 178,335 | 81.13% | 7.75% |
| 2008 | USD 22.1 billion | 182,814 | 79.63% | 7.75% |
| 2009 | USD 17.2 billion | 184,858 | 66.10% | 7.75% |
| 2010 | USD 19.3 billion | 186,829 | 65.41% | 7.75% |
| 2011 | USD 22.8 billion | 188,710 | 66.30% | 7.75% |
| 2012 | USD 22.5 billion | 190,426 | 65.76% | 7.75% |
| 2013 | USD 24.5 billion | 193,973 | 67.11% | 7.70% |
| 2014 | USD 27.5 billion | 197,619 | 70.68% | 7.70% |
| 2015 | USD 27.8 billion | 201,243 | 71.90% | 7.55% |
| 2016 | USD 27.5 billion | 204,427 | 72.67% | 7.55% |
| 2017 | USD 29.7 billion | 207,304 | 74.03% | 7.50% |
| 2018 | USD 31.5 billion | 209,235 | 74.75% | 7.45% |
| 2019 | USD 32.8 billion | 211,407 | 76.22% | 7.40% |
| 2020 | USD 33.2 billion | 214,062 | 76.99% | 7.40% |
| 2021 | USD 41.1 billion | 215,206 | 80.23% | 6.80% |
| 2022 | USD 39.1 billion | 217,476 | 80.60% | 6.80% |
| 2023 | USD 39.4 billion | 220,652 | 78.75% | 6.80% |
| 2024 | USD 41.1 billion | 223,785 | 76.49% | 6.80% |
| 2025 | USD 44.2 billion | 225,605 | 76.85% | 6.80% |
MSRPS Teachers: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 65.83% | 27.66% | 0.00% | 5.01% | 0.00% | 1.50% |
| 2002 | 62.62% | 30.06% | 0.00% | 6.11% | 0.00% | 1.20% |
| 2003 | 57.27% | 31.39% | 0.00% | 6.42% | 0.00% | 4.92% |
| 2004 | 63.65% | 29.02% | 0.00% | 6.83% | 0.00% | 0.50% |
| 2005 | 64.22% | 29.85% | 0.00% | 5.13% | 0.00% | 0.80% |
| 2006 | 63.50% | 30.20% | 0.60% | 5.30% | 0.00% | 0.40% |
| 2007 | 64.00% | 29.40% | 1.00% | 4.90% | 0.00% | 0.70% |
| 2008 | 61.04% | 24.38% | 1.70% | 6.49% | 2.20% | 0.00% |
| 2009 | 55.90% | 18.30% | 3.40% | 5.90% | 5.10% | 6.40% |
| 2010 | 50.30% | 18.50% | 3.20% | 6.30% | 7.90% | 3.60% |
| 2011 | 46.70% | 21.50% | 4.30% | 5.70% | 10.20% | 1.40% |
| 2012 | 41.40% | 19.20% | 5.70% | 6.40% | 14.60% | 3.50% |
| 2013 | 41.60% | 16.00% | 6.20% | 5.70% | 14.90% | 4.30% |
| 2014 | 38.40% | 14.70% | 7.00% | 6.80% | 18.90% | 3.00% |
| 2015 | 36.80% | 13.50% | 8.00% | 7.40% | 19.90% | 1.40% |
| 2016 | 36.90% | 22.70% | 9.20% | 12.70% | 17.90% | 0.60% |
| 2017 | 36.73% | 21.35% | 9.90% | 11.54% | 16.06% | 0.58% |
| 2018 | 37.10% | 21.70% | 12.50% | 8.90% | 16.40% | 0.50% |
| 2019 | 35.80% | 18.60% | 14.00% | 9.30% | 17.60% | 0.80% |
| 2020 | 35.20% | 19.30% | 14.20% | 8.40% | 17.20% | 1.00% |
| 2021 | 34.40% | 16.40% | 17.10% | 7.40% | 17.80% | 2.20% |
| 2022 | 27.50% | 17.40% | 21.50% | 11.10% | 15.00% | 3.00% |
| 2023 | 29.40% | 17.20% | 21.90% | 10.50% | 14.90% | 1.40% |
| 2024 | 30.00% | 16.40% | 21.50% | 9.40% | 15.20% | 3.00% |
| 2025 | 31.20% | 15.70% | 20.50% | 9.50% | 14.30% | 3.90% |
MSRPS Teachers: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -9.40% | 8.70% | 10.30% |
| 2002 | -7.60% | 3.20% | 7.90% |
| 2003 | 3.20% | 0.89% | 5.40% |
| 2004 | 16.20% | 2.30% | 8.20% |
| 2005 | 9.50% | 1.90% | 7.60% |
| 2006 | 10.40% | 6.00% | 7.30% |
| 2007 | 17.60% | 11.30% | 7.20% |
| 2008 | -5.40% | 9.30% | 5.00% |
| 2009 | -20.00% | 1.50% | 1.90% |
| 2010 | 14.03% | 2.30% | 2.10% |
| 2011 | 20.00% | 4.00% | 5.00% |
| 2012 | 0.36% | 0.80% | 5.90% |
| 2013 | 10.57% | 4.00% | 6.60% |
| 2014 | 14.37% | 11.70% | 6.50% |
| 2015 | 2.70% | 9.40% | 5.80% |
| 2016 | 1.20% | 5.70% | 4.90% |
| 2017 | 10.00% | 7.60% | 4.20% |
| 2018 | 8.06% | 7.15% | 5.55% |
| 2019 | 6.46% | 5.62% | 8.61% |
| 2020 | 3.57% | 5.80% | 7.57% |
| 2021 | 26.69% | 10.68% | 8.16% |
| 2022 | -2.97% | 7.93% | 7.79% |
| 2023 | 3.14% | 6.93% | 7.04% |
| 2024 | 6.93% | 7.02% | 6.33% |
| 2025 | 9.83% | 8.29% | 7.04% |