US public pension profile
Massachusetts State Retirement System
Funding, investment choices and long-term returns.
Massachusetts ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 40.9 billion
- Total membership
- 201,789
- Funded ratio
- 73.88%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 39.66% |
|---|---|
| Fixed income | 22.68% |
| Private equity | 16.58% |
| Real estate | 9.19% |
| Hedge funds | 8.59% |
| Cash | 0.00% |
Returns to 2025
| One year | 9.63% |
|---|---|
| Five years | 9.65% |
| Ten years | 7.95% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 14.3 billion | 133,920 | 91.80% | 8.25% |
| 2002 | Not reported | 135,673 | 94.00% | 8.25% |
| 2003 | Not reported | 133,674 | 79.50% | 8.25% |
| 2004 | Not reported | 134,506 | 83.90% | 8.25% |
| 2005 | Not reported | 135,622 | 82.80% | 8.25% |
| 2006 | USD 18.1 billion | 136,804 | 81.50% | 8.25% |
| 2007 | USD 21.9 billion | 138,941 | 85.10% | 8.25% |
| 2008 | USD 21.0 billion | 140,052 | 89.40% | 8.25% |
| 2009 | USD 15.4 billion | 141,065 | 71.60% | 8.25% |
| 2010 | USD 17.0 billion | 142,104 | 76.50% | 8.25% |
| 2011 | USD 20.1 billion | 144,190 | 81.00% | 8.25% |
| 2012 | USD 19.4 billion | 144,606 | 73.80% | 8.25% |
| 2013 | USD 21.1 billion | 146,625 | 69.10% | 8.00% |
| 2014 | USD 23.9 billion | 148,696 | 70.34% | 8.00% |
| 2015 | USD 24.0 billion | 150,622 | 67.46% | 7.75% |
| 2016 | USD 24.0 billion | 153,808 | 63.48% | 7.50% |
| 2017 | USD 26.3 billion | 156,367 | 64.65% | 7.50% |
| 2018 | USD 28.0 billion | 155,440 | 64.88% | 7.35% |
| 2019 | USD 28.8 billion | 156,846 | 63.71% | 7.25% |
| 2020 | USD 28.6 billion | 169,405 | Not reported | 7.25% |
| 2021 | USD 36.0 billion | 181,964 | 66.45% | 7.00% |
| 2022 | USD 34.1 billion | 185,337 | 72.91% | 7.00% |
| 2023 | USD 35.4 billion | 191,314 | 71.30% | 7.00% |
| 2024 | USD 37.9 billion | 197,928 | 72.46% | 7.00% |
| 2025 | USD 40.9 billion | 201,789 | 73.88% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 59.70% | 26.20% | 5.60% | 5.70% | 0.00% | 2.80% |
| 2002 | 59.26% | 28.73% | 5.51% | 6.31% | 0.00% | 0.00% |
| 2003 | 59.69% | 24.17% | 5.28% | 6.58% | 0.00% | 2.52% |
| 2004 | 54.47% | 23.16% | 5.41% | 8.38% | 0.00% | 5.78% |
| 2005 | 53.80% | 23.70% | 6.00% | 8.10% | 4.80% | 0.00% |
| 2006 | 53.20% | 20.70% | 6.50% | 11.00% | 5.10% | 0.00% |
| 2007 | 51.60% | 20.00% | 6.70% | 8.60% | 9.90% | 0.00% |
| 2008 | 46.70% | 21.80% | 8.40% | 10.90% | 10.10% | 0.00% |
| 2009 | 48.40% | 20.70% | 9.60% | 10.90% | 5.70% | 0.00% |
| 2010 | 45.60% | 21.00% | 10.60% | 9.10% | 9.60% | 0.00% |
| 2011 | 50.50% | 19.28% | 10.74% | 8.23% | 7.23% | 0.00% |
| 2012 | 42.68% | 21.64% | 12.12% | 9.72% | 9.92% | 0.00% |
| 2013 | 45.34% | 21.52% | 11.71% | 8.21% | 9.21% | 0.00% |
| 2014 | 43.10% | 22.40% | 11.10% | 8.90% | 9.60% | 1.00% |
| 2015 | 42.66% | 21.98% | 11.29% | 9.99% | 9.09% | 1.20% |
| 2016 | 42.37% | 22.39% | 11.14% | 10.44% | 9.84% | 0.50% |
| 2017 | 46.05% | 20.08% | 10.59% | 9.09% | 9.49% | 1.00% |
| 2018 | 42.20% | 20.80% | 10.80% | 9.00% | 13.40% | 0.40% |
| 2019 | 43.36% | 21.48% | 11.29% | 9.39% | 9.99% | 0.60% |
| 2020 | 42.10% | 23.20% | 11.40% | 9.20% | 9.70% | 0.10% |
| 2021 | 42.66% | 22.18% | 14.49% | 8.29% | 8.29% | 0.10% |
| 2022 | 37.30% | 21.30% | 18.40% | 10.60% | 8.60% | 0.00% |
| 2023 | 39.24% | 20.42% | 17.42% | 10.91% | 8.41% | 0.00% |
| 2024 | 40.60% | 21.20% | 17.00% | 9.60% | 8.30% | 0.00% |
| 2025 | 39.66% | 22.68% | 16.58% | 9.19% | 8.59% | 0.00% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -6.60% | Not reported | Not reported |
| 2002 | -6.49% | 6.08% | 10.55% |
| 2003 | 4.02% | Not reported | Not reported |
| 2004 | 19.43% | Not reported | Not reported |
| 2005 | 13.39% | 4.24% | 10.60% |
| 2006 | 15.49% | 8.77% | 10.29% |
| 2007 | 19.95% | 14.32% | 10.13% |
| 2008 | -1.82% | 13.01% | 8.16% |
| 2009 | -23.91% | 3.25% | 4.00% |
| 2010 | 12.86% | 3.15% | 3.70% |
| 2011 | 22.36% | 4.35% | 6.54% |
| 2012 | -0.08% | 0.61% | 7.25% |
| 2013 | 12.73% | 3.43% | 8.12% |
| 2014 | 17.60% | 12.85% | 7.94% |
| 2015 | 3.87% | 10.99% | 7.00% |
| 2016 | 2.30% | 7.08% | 5.71% |
| 2017 | 13.24% | 9.79% | 5.10% |
| 2018 | 10.00% | 9.25% | 6.30% |
| 2019 | 6.13% | 7.03% | 9.90% |
| 2020 | 2.38% | 6.72% | 8.84% |
| 2021 | 30.01% | 11.97% | 9.49% |
| 2022 | -2.95% | 8.56% | 9.18% |
| 2023 | 6.02% | 7.77% | 8.51% |
| 2024 | 9.94% | 8.53% | 7.78% |
| 2025 | 9.63% | 9.65% | 7.95% |