US public pension profile· MERS of Michigan
Municipal Employees' Retirement System of Michigan
Funding, investment choices and long-term returns.
Michigan ·Fiscal year 2025
MERS of Michigan: fiscal year 2025 at a glance
- Market value of assets
- USD 14.9 billion
- Total membership
- 86,531
- Funded ratio
- 75.16%
- Assumed investment return
- 6.93%
Asset allocation in 2025
| Public equity | 47.10% |
|---|---|
| Fixed income | 28.80% |
| Private equity | 0.00% |
| Real estate | 0.00% |
| Hedge funds | 0.00% |
| Cash | 0.00% |
Returns to 2025
| One year | 15.45% |
|---|---|
| Five years | 7.26% |
| Ten years | 8.28% |
MERS of Michigan: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 3.6 billion | 59,287 | 84.33% | 8.00% |
| 2002 | USD 3.3 billion | 60,091 | 79.77% | 8.00% |
| 2003 | USD 4.1 billion | 61,177 | 78.68% | 8.00% |
| 2004 | USD 4.6 billion | 61,841 | 76.75% | 8.00% |
| 2005 | USD 4.9 billion | 62,748 | 76.05% | 8.00% |
| 2006 | USD 5.6 billion | 64,545 | 76.43% | 8.00% |
| 2007 | USD 6.1 billion | 65,556 | 77.33% | 8.00% |
| 2008 | USD 4.5 billion | 66,586 | 75.05% | 8.00% |
| 2009 | USD 5.3 billion | 67,254 | 75.49% | 8.00% |
| 2010 | USD 6.0 billion | 69,707 | 74.54% | 8.00% |
| 2011 | USD 5.9 billion | 70,473 | 72.63% | 8.00% |
| 2012 | USD 6.9 billion | 71,188 | 71.39% | 8.00% |
| 2013 | USD 7.7 billion | 74,889 | 71.74% | 8.00% |
| 2014 | USD 8.1 billion | 77,985 | 70.60% | 8.00% |
| 2015 | USD 7.9 billion | 81,081 | 66.52% | 7.75% |
| 2016 | USD 8.5 billion | 81,869 | 66.78% | 7.75% |
| 2017 | USD 9.5 billion | 83,296 | 67.72% | 7.75% |
| 2018 | USD 9.0 billion | 83,846 | 68.00% | 7.75% |
| 2019 | USD 9.9 billion | 84,834 | 65.77% | 7.75% |
| 2020 | USD 11.1 billion | 84,574 | 65.98% | 7.35% |
| 2021 | USD 12.6 billion | 84,658 | 72.76% | 7.35% |
| 2022 | USD 11.0 billion | 85,405 | 72.50% | 6.85% |
| 2023 | USD 12.4 billion | 86,029 | 75.18% | 6.90% |
| 2024 | USD 13.0 billion | 86,531 | 75.16% | 6.93% |
| 2025 | USD 14.9 billion | 86,531 | 75.16% | 6.93% |
MERS of Michigan: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 58.60% | 36.00% | 0.10% | 4.80% | 0.00% | 0.50% |
| 2002 | 56.00% | 37.80% | 0.30% | 5.20% | 0.00% | 0.70% |
| 2003 | 60.90% | 28.90% | 3.70% | 5.20% | 0.00% | 1.30% |
| 2004 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2005 | 59.00% | 28.00% | 4.80% | 6.90% | 0.00% | 1.30% |
| 2006 | 52.90% | 28.30% | 7.90% | 7.60% | 0.00% | 1.40% |
| 2007 | 50.80% | 30.10% | 9.00% | 6.60% | 0.00% | 1.20% |
| 2008 | 39.50% | 34.40% | 12.80% | 8.10% | 0.00% | 3.00% |
| 2009 | 46.70% | 31.40% | 9.90% | 6.00% | 0.00% | 0.90% |
| 2010 | 43.80% | 32.70% | 10.00% | 5.10% | 0.00% | 2.90% |
| 2011 | 43.30% | 32.90% | 9.80% | 6.20% | 0.00% | 1.70% |
| 2012 | 43.00% | 30.80% | 7.50% | 6.00% | 0.00% | 6.50% |
| 2013 | 49.00% | 28.50% | 7.10% | 4.30% | 0.00% | 5.80% |
| 2014 | 52.07% | 22.80% | 6.53% | 2.40% | 7.10% | 0.00% |
| 2015 | 50.00% | 24.42% | 6.53% | 3.28% | 9.05% | 0.00% |
| 2016 | 50.41% | 22.87% | 5.10% | 3.89% | 9.78% | 0.00% |
| 2017 | 52.91% | 18.43% | 4.49% | 2.88% | 9.20% | 5.29% |
| 2018 | 44.41% | 24.20% | 4.94% | 3.29% | 10.39% | 4.67% |
| 2019 | 51.50% | 15.18% | 4.02% | 0.00% | 7.26% | 11.22% |
| 2020 | 56.60% | 17.38% | 4.61% | 0.00% | 7.07% | 3.93% |
| 2021 | 53.70% | 19.86% | 4.82% | 0.00% | 7.39% | 3.34% |
| 2022 | 53.73% | 15.54% | 8.55% | 0.00% | 6.02% | 2.62% |
| 2023 | 50.30% | 23.50% | 6.25% | 0.00% | 0.00% | 0.00% |
| 2024 | 45.70% | 29.10% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2025 | 47.10% | 28.80% | 0.00% | 0.00% | 0.00% | 0.00% |
MERS of Michigan: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -2.10% | 7.60% | Not reported |
| 2002 | -8.60% | 3.00% | Not reported |
| 2003 | 24.70% | 5.90% | Not reported |
| 2004 | 6.80% | 6.60% | Not reported |
| 2005 | 6.80% | 6.60% | Not reported |
| 2006 | 13.60% | 9.80% | Not reported |
| 2007 | 8.60% | 13.60% | 8.20% |
| 2008 | -24.80% | 2.60% | 3.80% |
| 2009 | 17.30% | 3.10% | 3.80% |
| 2010 | 14.43% | 4.49% | 5.53% |
| 2011 | 2.30% | 2.32% | 5.98% |
| 2012 | 11.39% | 2.84% | 8.06% |
| 2013 | 15.00% | 11.96% | 7.19% |
| 2014 | 6.68% | 9.85% | 6.40% |
| 2015 | -1.02% | 6.51% | 5.35% |
| 2016 | 10.85% | 8.30% | 5.11% |
| 2017 | 13.20% | 8.67% | 5.56% |
| 2018 | -3.64% | 4.94% | 8.25% |
| 2019 | 14.02% | 6.39% | 7.97% |
| 2020 | 13.59% | 9.31% | 7.89% |
| 2021 | 14.13% | 9.96% | 9.11% |
| 2022 | -10.37% | 4.95% | 6.79% |
| 2023 | 11.60% | 8.07% | 6.49% |
| 2024 | 7.72% | 6.91% | 6.62% |
| 2025 | 15.45% | 7.26% | 8.28% |