US public pension profile· MPSERS
Michigan Public School Employees’ Retirement System
Funding, investment choices and long-term returns.
Michigan ·Fiscal year 2025
MPSERS: fiscal year 2025 at a glance
- Market value of assets
- USD 78.7 billion
- Total membership
- 401,481
- Funded ratio
- 74.58%
- Assumed investment return
- 6.00%
Asset allocation in 2025
| Public equity | 37.70% |
|---|---|
| Fixed income | 10.10% |
| Private equity | 20.60% |
| Real estate | 8.60% |
| Hedge funds | 9.40% |
| Cash | 4.30% |
Returns to 2025
| One year | 9.80% |
|---|---|
| Five years | 10.70% |
| Ten years | 9.50% |
MPSERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 34.8 billion | 463,641 | 96.50% | 8.00% |
| 2002 | USD 30.0 billion | 476,030 | 91.50% | 8.00% |
| 2003 | USD 33.4 billion | 480,999 | 86.50% | 8.00% |
| 2004 | USD 36.3 billion | 483,628 | 83.70% | 8.00% |
| 2005 | USD 39.4 billion | 484,663 | 79.30% | 8.00% |
| 2006 | USD 43.0 billion | 481,075 | 87.50% | 8.00% |
| 2007 | USD 48.4 billion | 473,827 | 88.70% | 8.00% |
| 2008 | USD 39.1 billion | 460,219 | 83.60% | 8.00% |
| 2009 | USD 34.5 billion | 454,584 | 78.90% | 8.00% |
| 2010 | USD 35.9 billion | 445,316 | 71.10% | 8.00% |
| 2011 | USD 34.7 billion | 444,185 | 64.70% | 8.00% |
| 2012 | USD 37.7 billion | 436,597 | 61.30% | 8.00% |
| 2013 | USD 40.0 billion | 429,439 | 59.60% | 8.00% |
| 2014 | USD 43.8 billion | 427,326 | 59.94% | 8.00% |
| 2015 | USD 42.4 billion | 425,325 | 60.55% | 8.00% |
| 2016 | USD 43.5 billion | 423,276 | 59.75% | 7.50% |
| 2017 | USD 47.0 billion | 423,958 | 61.62% | 7.05% |
| 2018 | USD 50.3 billion | 421,995 | 60.73% | 6.80% |
| 2019 | USD 50.9 billion | 414,897 | 60.35% | 6.80% |
| 2020 | USD 51.5 billion | 406,734 | 60.91% | 6.80% |
| 2021 | USD 63.3 billion | 399,782 | 64.11% | 6.00% |
| 2022 | USD 59.2 billion | 398,588 | 64.27% | 6.00% |
| 2023 | USD 63.7 billion | 396,022 | 68.79% | 6.00% |
| 2024 | USD 72.5 billion | 394,077 | 71.21% | 6.00% |
| 2025 | USD 78.7 billion | 401,481 | 74.58% | 6.00% |
MPSERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 47.70% | 20.10% | 15.00% | 9.10% | 0.00% | 8.10% |
| 2002 | 49.50% | 23.60% | 14.30% | 9.80% | 0.00% | 2.80% |
| 2003 | 55.60% | 17.80% | 14.20% | 8.70% | 0.00% | 3.70% |
| 2004 | 59.30% | 17.50% | 13.30% | 6.70% | 0.00% | 3.20% |
| 2005 | 60.80% | 16.40% | 11.60% | 7.50% | 0.00% | 3.70% |
| 2006 | 60.60% | 16.30% | 12.70% | 7.50% | 0.00% | 2.90% |
| 2007 | 58.30% | 16.40% | 14.00% | 8.90% | 0.00% | 2.40% |
| 2008 | 51.00% | 17.20% | 18.70% | 10.90% | 0.00% | 2.20% |
| 2009 | 49.10% | 18.80% | 19.10% | 8.60% | 1.80% | 2.60% |
| 2010 | 48.60% | 16.50% | 21.60% | 8.50% | 3.70% | 1.10% |
| 2011 | 40.90% | 15.10% | 22.70% | 10.40% | 6.30% | 4.60% |
| 2012 | 40.60% | 13.00% | 21.20% | 10.20% | 8.80% | 6.20% |
| 2013 | 41.80% | 12.10% | 19.40% | 10.80% | 10.50% | 5.40% |
| 2014 | 44.72% | 11.06% | 17.08% | 9.15% | 10.55% | 7.44% |
| 2015 | 41.30% | 12.10% | 16.70% | 10.00% | 14.50% | 5.40% |
| 2016 | 41.50% | 13.00% | 15.20% | 10.50% | 15.10% | 4.70% |
| 2017 | 42.70% | 12.20% | 15.60% | 9.60% | 14.80% | 5.10% |
| 2018 | 43.50% | 12.10% | 16.40% | 10.50% | 15.00% | 2.50% |
| 2019 | 38.50% | 13.60% | 18.60% | 9.50% | 16.30% | 3.50% |
| 2020 | 37.70% | 12.40% | 19.90% | 8.10% | 4.80% | 4.70% |
| 2021 | 39.30% | 10.10% | 23.30% | 7.00% | 5.40% | 2.70% |
| 2022 | 30.50% | 9.40% | 25.60% | 11.00% | 10.30% | 1.20% |
| 2023 | 32.10% | 8.90% | 23.50% | 10.10% | 10.30% | 4.40% |
| 2024 | 35.70% | 10.20% | 21.20% | 8.80% | 10.00% | 4.70% |
| 2025 | 37.70% | 10.10% | 20.60% | 8.60% | 9.40% | 4.30% |
MPSERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -11.50% | 9.50% | 10.20% |
| 2002 | -10.50% | 2.70% | 8.10% |
| 2003 | 14.80% | 3.90% | 8.30% |
| 2004 | 12.60% | 3.20% | 9.40% |
| 2005 | 12.80% | 2.90% | 9.00% |
| 2006 | 12.80% | 8.00% | 8.80% |
| 2007 | 17.20% | 14.00% | 8.20% |
| 2008 | -12.30% | 8.10% | 5.90% |
| 2009 | -6.10% | 4.20% | 3.70% |
| 2010 | 8.80% | 3.50% | 3.20% |
| 2011 | 6.60% | 2.30% | 5.10% |
| 2012 | 13.50% | 1.60% | 7.70% |
| 2013 | 12.50% | 6.80% | 7.40% |
| 2014 | 15.60% | 11.40% | 7.70% |
| 2015 | 2.14% | 10.00% | 6.27% |
| 2016 | 7.60% | 10.20% | 6.20% |
| 2017 | 13.80% | 10.30% | 5.90% |
| 2018 | 11.60% | 10.10% | 8.50% |
| 2019 | 5.10% | 7.70% | 9.30% |
| 2020 | 5.00% | 8.30% | 9.00% |
| 2021 | 27.20% | 12.10% | 11.00% |
| 2022 | -4.80% | 8.20% | 9.00% |
| 2023 | 8.30% | 7.70% | 8.70% |
| 2024 | 15.50% | 9.70% | 8.70% |
| 2025 | 9.80% | 10.70% | 9.50% |