US public pension profile· Michigan SERS
Michigan State Employees’ Retirement System
Funding, investment choices and long-term returns.
Michigan ·Fiscal year 2025
Michigan SERS: fiscal year 2025 at a glance
- Market value of assets
- USD 15.1 billion
- Total membership
- 62,308
- Funded ratio
- 77.63%
- Assumed investment return
- 6.00%
Asset allocation in 2025
| Public equity | 37.64% |
|---|---|
| Fixed income | 10.11% |
| Private equity | 20.62% |
| Real estate | 8.51% |
| Hedge funds | 9.31% |
| Cash | 4.60% |
Returns to 2025
| One year | 9.80% |
|---|---|
| Five years | 10.70% |
| Ten years | 9.50% |
Michigan SERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 9.6 billion | 91,772 | 107.60% | 8.00% |
| 2002 | USD 8.3 billion | 90,647 | 98.70% | 8.00% |
| 2003 | USD 8.9 billion | 89,555 | 88.80% | 8.00% |
| 2004 | USD 9.4 billion | 87,765 | 84.50% | 8.00% |
| 2005 | USD 10.1 billion | 86,771 | 79.80% | 8.00% |
| 2006 | USD 10.9 billion | 85,772 | 85.10% | 8.00% |
| 2007 | USD 12.1 billion | 84,413 | 86.20% | 8.00% |
| 2008 | USD 9.8 billion | 83,558 | 82.80% | 8.00% |
| 2009 | USD 8.6 billion | 83,097 | 78.00% | 8.00% |
| 2010 | USD 8.9 billion | 82,183 | 72.60% | 8.00% |
| 2011 | USD 8.7 billion | 81,392 | 65.50% | 8.00% |
| 2012 | USD 9.3 billion | 80,419 | 60.30% | 8.00% |
| 2013 | USD 9.9 billion | 78,663 | 60.30% | 8.00% |
| 2014 | USD 11.0 billion | 77,607 | 61.60% | 8.00% |
| 2015 | USD 10.7 billion | 76,463 | 64.15% | 8.00% |
| 2016 | USD 11.0 billion | 75,298 | 64.28% | 8.00% |
| 2017 | USD 11.8 billion | 74,129 | 66.46% | 8.00% |
| 2018 | USD 12.4 billion | 72,955 | 65.78% | 6.70% |
| 2019 | USD 12.2 billion | 71,537 | 65.40% | 6.70% |
| 2020 | USD 12.0 billion | 69,930 | 65.61% | 6.70% |
| 2021 | USD 14.5 billion | 68,420 | 69.14% | 6.00% |
| 2022 | USD 13.1 billion | 66,836 | 69.59% | 6.00% |
| 2023 | USD 13.3 billion | 65,297 | 71.60% | 6.00% |
| 2024 | USD 14.6 billion | 63,816 | 74.40% | 6.00% |
| 2025 | USD 15.1 billion | 62,308 | 77.63% | 6.00% |
Michigan SERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 47.40% | 20.70% | 15.50% | 9.70% | 0.00% | 6.70% |
| 2002 | 48.70% | 24.20% | 14.70% | 10.50% | 0.00% | 1.90% |
| 2003 | 54.50% | 17.30% | 13.30% | 9.60% | 0.00% | 5.30% |
| 2004 | 59.80% | 17.10% | 12.90% | 7.80% | 0.00% | 2.40% |
| 2005 | 60.70% | 16.00% | 11.10% | 8.50% | 0.00% | 3.70% |
| 2006 | 60.80% | 16.30% | 12.00% | 8.70% | 0.00% | 2.20% |
| 2007 | 58.80% | 16.60% | 13.10% | 9.70% | 0.00% | 1.80% |
| 2008 | 50.90% | 16.70% | 17.80% | 11.70% | 0.00% | 2.90% |
| 2009 | 49.50% | 18.40% | 18.30% | 9.20% | 2.20% | 2.40% |
| 2010 | 48.60% | 16.00% | 20.60% | 9.20% | 3.70% | 1.90% |
| 2011 | 40.80% | 15.20% | 22.30% | 10.80% | 6.10% | 4.80% |
| 2012 | 40.80% | 13.20% | 20.90% | 10.60% | 8.50% | 6.00% |
| 2013 | 41.90% | 12.10% | 19.40% | 10.90% | 10.50% | 5.20% |
| 2014 | 45.10% | 11.70% | 17.20% | 9.20% | 10.60% | 6.20% |
| 2015 | 41.80% | 12.20% | 16.90% | 10.10% | 14.80% | 4.20% |
| 2016 | 42.00% | 13.20% | 15.30% | 10.60% | 15.20% | 3.70% |
| 2017 | 42.90% | 12.30% | 15.60% | 9.70% | 14.90% | 4.60% |
| 2018 | 43.20% | 12.00% | 16.30% | 10.50% | 14.90% | 3.10% |
| 2019 | 38.30% | 13.50% | 18.50% | 9.50% | 16.20% | 4.00% |
| 2020 | 37.20% | 12.20% | 19.70% | 8.00% | 4.80% | 5.80% |
| 2021 | 39.00% | 10.10% | 23.10% | 7.00% | 5.30% | 3.40% |
| 2022 | 30.10% | 9.30% | 25.30% | 10.90% | 10.10% | 2.40% |
| 2023 | 31.90% | 8.80% | 23.30% | 10.00% | 10.30% | 5.10% |
| 2024 | 35.50% | 10.20% | 21.10% | 8.80% | 9.90% | 5.10% |
| 2025 | 37.64% | 10.11% | 20.62% | 8.51% | 9.31% | 4.60% |
Michigan SERS: 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 | -10.30% | 2.80% | 8.00% |
| 2003 | 14.70% | 4.00% | 8.30% |
| 2004 | 12.40% | 3.30% | 9.30% |
| 2005 | 12.80% | 2.90% | 9.00% |
| 2006 | 12.80% | 8.00% | 8.80% |
| 2007 | 17.20% | 14.00% | 8.20% |
| 2008 | -12.50% | 8.00% | 6.00% |
| 2009 | -6.30% | 4.10% | 3.70% |
| 2010 | 8.50% | 3.30% | 3.10% |
| 2011 | 6.50% | 2.10% | 5.00% |
| 2012 | 13.40% | 1.50% | 7.50% |
| 2013 | 12.50% | 6.70% | 7.30% |
| 2014 | 15.50% | 11.20% | 7.60% |
| 2015 | 2.60% | 10.00% | 6.60% |
| 2016 | 7.60% | 10.20% | 6.10% |
| 2017 | 13.80% | 10.30% | 5.80% |
| 2018 | 11.40% | 9.90% | 8.36% |
| 2019 | 5.10% | 7.70% | 9.30% |
| 2020 | 5.00% | 8.30% | 9.00% |
| 2021 | 27.30% | 12.10% | 11.00% |
| 2022 | -4.80% | 8.20% | 9.10% |
| 2023 | 8.30% | 7.70% | 8.70% |
| 2024 | 15.50% | 9.70% | 8.70% |
| 2025 | 9.80% | 10.70% | 9.50% |