US public pension profile
Minnesota Public Employees Police & Fire Plan
Funding, investment choices and long-term returns.
Minnesota ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 13.1 billion
- Total membership
- 28,268
- Funded ratio
- 88.55%
- 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% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 4.2 billion | 17,020 | 120.46% | 8.50% |
| 2002 | USD 3.8 billion | 17,211 | 120.23% | 8.50% |
| 2003 | USD 3.7 billion | 17,654 | 106.65% | 8.50% |
| 2004 | USD 4.1 billion | 18,114 | 101.16% | 8.50% |
| 2005 | USD 4.4 billion | 18,506 | 97.15% | 8.50% |
| 2006 | USD 4.8 billion | 19,148 | 95.39% | 8.50% |
| 2007 | USD 5.5 billion | 19,766 | 91.70% | 8.50% |
| 2008 | USD 5.1 billion | 20,251 | 88.42% | 8.50% |
| 2009 | USD 4.0 billion | 20,657 | 83.22% | 8.50% |
| 2010 | USD 4.5 billion | 20,873 | 87.00% | 8.50% |
| 2011 | USD 5.3 billion | 20,933 | 82.89% | 8.50% |
| 2012 | USD 5.8 billion | 22,545 | 78.31% | 8.00% |
| 2013 | USD 6.3 billion | 22,895 | 81.23% | 8.00% |
| 2014 | USD 7.3 billion | 23,374 | 80.05% | 8.00% |
| 2015 | USD 7.3 billion | 23,921 | 83.64% | 8.00% |
| 2016 | USD 7.1 billion | 24,299 | 87.74% | 8.00% |
| 2017 | USD 7.9 billion | 24,741 | 85.23% | 8.00% |
| 2018 | USD 8.5 billion | 25,197 | 87.10% | 7.50% |
| 2019 | USD 8.8 billion | 25,559 | 87.41% | 7.50% |
| 2020 | USD 9.0 billion | 25,806 | 87.80% | 7.50% |
| 2021 | USD 11.4 billion | 26,086 | 92.01% | 7.50% |
| 2022 | USD 10.4 billion | 26,557 | 93.06% | 7.50% |
| 2023 | USD 11.0 billion | 27,143 | 87.00% | 7.00% |
| 2024 | USD 12.1 billion | 27,720 | 87.77% | 7.00% |
| 2025 | USD 13.1 billion | 28,268 | 88.55% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 61.80% | 24.20% | 0.00% | 0.00% | 0.00% | 0.90% |
| 2002 | 62.30% | 24.20% | 0.00% | 0.00% | 0.00% | 0.20% |
| 2003 | 62.10% | 23.50% | 0.00% | 0.00% | 0.00% | 0.50% |
| 2004 | 63.30% | 21.00% | 0.00% | 0.00% | 0.00% | 3.00% |
| 2005 | 65.60% | 23.40% | 0.00% | 0.00% | 0.00% | 1.20% |
| 2006 | 64.80% | 23.10% | 0.00% | 0.00% | 0.00% | 0.90% |
| 2007 | 65.90% | 22.10% | 0.00% | 0.00% | 0.00% | 1.10% |
| 2008 | 61.30% | 23.60% | 0.00% | 0.00% | 0.00% | 0.60% |
| 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% |
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% | 4.80% | 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% |