US public pension profile· MTRS
Massachusetts Teachers’ Retirement System
Funding, investment choices and long-term returns.
Massachusetts ·Fiscal year 2025
MTRS: fiscal year 2025 at a glance
- Market value of assets
- USD 44.3 billion
- Total membership
- 172,128
- Funded ratio
- 63.34%
- 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% |
MTRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 15.2 billion | 119,429 | 79.20% | 8.25% |
| 2002 | Not reported | 124,397 | 76.20% | 8.25% |
| 2003 | Not reported | 126,047 | 64.50% | 8.25% |
| 2004 | Not reported | 127,275 | 69.60% | 8.25% |
| 2005 | Not reported | 130,191 | 67.60% | 8.25% |
| 2006 | USD 21.5 billion | 133,240 | 67.20% | 8.25% |
| 2007 | USD 24.6 billion | 136,597 | 71.00% | 8.25% |
| 2008 | USD 23.6 billion | 139,660 | 73.90% | 8.25% |
| 2009 | USD 17.3 billion | 141,895 | 58.20% | 8.25% |
| 2010 | USD 18.7 billion | 142,624 | 63.00% | 8.25% |
| 2011 | USD 21.9 billion | 142,826 | 66.30% | 8.25% |
| 2012 | USD 20.9 billion | 144,266 | 60.70% | 8.25% |
| 2013 | USD 22.7 billion | 146,784 | 55.70% | 8.00% |
| 2014 | USD 25.5 billion | 149,822 | 56.31% | 8.00% |
| 2015 | USD 25.4 billion | 152,382 | 54.28% | 7.75% |
| 2016 | USD 24.9 billion | 154,803 | 52.82% | 7.50% |
| 2017 | USD 27.1 billion | 157,164 | 52.12% | 7.50% |
| 2018 | USD 28.8 billion | 159,197 | 52.38% | 7.35% |
| 2019 | USD 29.5 billion | 161,213 | 51.71% | 7.25% |
| 2020 | USD 29.3 billion | 163,260 | Not reported | 7.25% |
| 2021 | USD 37.1 billion | 165,307 | 52.98% | 7.00% |
| 2022 | USD 35.4 billion | 168,653 | 58.98% | 7.00% |
| 2023 | USD 37.0 billion | 172,055 | 58.66% | 7.00% |
| 2024 | USD 40.4 billion | 173,305 | 60.43% | 7.00% |
| 2025 | USD 44.3 billion | 172,128 | 63.34% | 7.00% |
MTRS: 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 | 45.84% | 20.16% | 10.63% | 9.13% | 9.53% | 1.00% |
| 2018 | 42.20% | 20.80% | 10.80% | 9.00% | 13.40% | 0.40% |
| 2019 | 43.59% | 21.60% | 11.35% | 9.44% | 10.04% | 0.06% |
| 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 | 37.26% | 21.28% | 18.38% | 10.59% | 8.69% | 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% |
MTRS: 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% |