US public pension profile· Minnesota GERF
Minnesota General Employees Retirement Plan
Funding, investment choices and long-term returns.
Minnesota ·Fiscal year 2025
Minnesota GERF: fiscal year 2025 at a glance
- Market value of assets
- USD 32.6 billion
- Total membership
- 454,650
- Funded ratio
- 87.56%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 53.00% |
|---|---|
| Fixed income | 24.00% |
| Private equity | 23.00% |
| Real estate | 0.00% |
| Hedge funds | 0.00% |
| Cash | 0.00% |
Returns to 2025
| One year | 10.90% |
|---|---|
| Five years | 10.60% |
| Ten years | 8.90% |
Minnesota GERF: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 9.9 billion | 297,117 | 87.00% | Not reported |
| 2002 | USD 8.9 billion | 305,162 | 85.00% | Not reported |
| 2003 | USD 8.8 billion | 319,097 | 81.30% | Not reported |
| 2004 | USD 10.0 billion | 329,124 | 76.70% | 8.50% |
| 2005 | USD 10.7 billion | 335,091 | 74.50% | 8.50% |
| 2006 | USD 11.8 billion | 346,388 | 74.70% | 8.50% |
| 2007 | USD 13.7 billion | 356,983 | 73.34% | 8.50% |
| 2008 | USD 12.8 billion | 366,555 | 73.60% | 7.11% |
| 2009 | USD 10.1 billion | 374,235 | 69.99% | 7.12% |
| 2010 | USD 11.3 billion | 380,061 | 76.40% | 7.94% |
| 2011 | USD 13.6 billion | 366,728 | 75.18% | 7.93% |
| 2012 | USD 13.6 billion | 374,506 | 73.45% | 7.92% |
| 2013 | USD 15.1 billion | 384,301 | 72.82% | 7.91% |
| 2014 | USD 17.4 billion | 396,001 | 73.51% | 8.41% |
| 2015 | USD 18.6 billion | 413,213 | 76.29% | 8.00% |
| 2016 | USD 18.0 billion | 427,965 | 75.52% | 8.00% |
| 2017 | USD 20.1 billion | 441,677 | 77.75% | 8.00% |
| 2018 | USD 21.6 billion | 454,665 | 77.97% | 7.50% |
| 2019 | USD 22.4 billion | 448,800 | 78.58% | 7.50% |
| 2020 | USD 22.6 billion | 405,974 | 79.62% | 7.50% |
| 2021 | USD 28.6 billion | 408,613 | 85.26% | 7.50% |
| 2022 | USD 26.0 billion | 419,278 | 87.44% | 7.50% |
| 2023 | USD 27.5 billion | 431,854 | 83.60% | 7.00% |
| 2024 | USD 30.2 billion | 447,499 | 86.70% | 7.00% |
| 2025 | USD 32.6 billion | 454,650 | 87.56% | 7.00% |
Minnesota GERF: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 64.53% | 26.68% | 7.79% | 0.00% | 0.00% | 1.00% |
| 2002 | 63.74% | 27.27% | 8.39% | 0.00% | 0.00% | 0.60% |
| 2003 | 64.43% | 25.38% | 9.09% | 0.00% | 0.00% | 1.10% |
| 2004 | 65.18% | 22.81% | 0.00% | 0.00% | 0.00% | 3.60% |
| 2005 | 65.48% | 24.11% | 0.00% | 0.00% | 0.00% | 1.70% |
| 2006 | 63.71% | 23.40% | 0.00% | 0.00% | 0.00% | 2.90% |
| 2007 | 65.87% | 22.72% | 0.00% | 0.00% | 0.00% | 1.70% |
| 2008 | 61.69% | 24.31% | 0.00% | 0.00% | 0.00% | 1.00% |
| 2009 | 60.90% | 22.30% | 0.00% | 0.00% | 0.00% | 2.00% |
| 2010 | 57.80% | 24.90% | 0.00% | 0.00% | 0.00% | 2.00% |
| 2011 | 60.80% | 22.20% | 0.00% | 0.00% | 0.00% | 2.40% |
| 2012 | 60.10% | 22.30% | 0.00% | 0.00% | 0.00% | 1.90% |
| 2013 | 60.00% | 23.00% | 0.00% | 0.00% | 0.00% | 2.50% |
| 2014 | 61.40% | 23.40% | 0.00% | 0.00% | 0.00% | 2.60% |
| 2015 | 62.20% | 23.60% | 0.00% | 0.00% | 0.00% | 1.90% |
| 2016 | 60.40% | 24.70% | 0.00% | 0.00% | 0.00% | 2.10% |
| 2017 | 66.00% | 19.00% | 0.00% | 0.00% | 0.00% | 2.00% |
| 2018 | 60.80% | 24.30% | 0.00% | 0.00% | 0.00% | 1.10% |
| 2019 | 62.30% | 20.40% | 0.00% | 0.00% | 0.00% | 2.80% |
| 2020 | 63.00% | 21.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2021 | 51.00% | 23.00% | 8.00% | 0.00% | 0.00% | 0.00% |
| 2022 | 50.00% | 23.00% | 27.00% | 0.00% | 0.00% | 0.00% |
| 2023 | 52.00% | 22.00% | 26.00% | 0.00% | 0.00% | 0.00% |
| 2024 | 51.00% | 24.00% | 25.00% | 0.00% | 0.00% | 0.00% |
| 2025 | 53.00% | 24.00% | 23.00% | 0.00% | 0.00% | 0.00% |
Minnesota GERF: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -7.10% | 10.80% | Not reported |
| 2002 | -8.00% | 5.00% | Not reported |
| 2003 | 2.40% | 1.40% | 8.20% |
| 2004 | 16.50% | 2.20% | 9.60% |
| 2005 | 10.70% | 2.40% | 9.10% |
| 2006 | 12.30% | 6.40% | 8.60% |
| 2007 | 18.30% | 11.90% | 8.30% |
| 2008 | -5.00% | 10.30% | 5.70% |
| 2009 | -18.80% | 2.60% | 2.40% |
| 2010 | 15.20% | 3.40% | 2.90% |
| 2011 | 23.30% | 5.30% | 5.90% |
| 2012 | 2.40% | 2.30% | 7.00% |
| 2013 | 14.20% | 6.20% | 8.20% |
| 2014 | 18.60% | 14.50% | 8.40% |
| 2015 | 4.40% | 12.30% | 7.80% |
| 2016 | -0.10% | 7.70% | 6.50% |
| 2017 | 15.10% | 10.20% | 6.20% |
| 2018 | 10.30% | 9.50% | 7.80% |
| 2019 | 7.30% | 7.30% | 10.90% |
| 2020 | 4.20% | 7.30% | 9.70% |
| 2021 | 30.30% | 13.10% | 10.40% |
| 2022 | -6.40% | 8.50% | 9.40% |
| 2023 | 8.90% | 8.20% | 8.80% |
| 2024 | 12.30% | 9.20% | 8.30% |
| 2025 | 10.90% | 10.60% | 8.90% |