US public pension profile· MSRS State Employees
Minnesota State Employees Retirement Fund
Funding, investment choices and long-term returns.
Minnesota ·Fiscal year 2025
MSRS State Employees: fiscal year 2025 at a glance
- Market value of assets
- USD 19.5 billion
- Total membership
- 138,916
- Funded ratio
- 95.01%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 52.00% |
|---|---|
| Fixed income | 20.00% |
| Private equity | 0.00% |
| Real estate | 0.00% |
| Hedge funds | 0.00% |
| Cash | 6.00% |
Returns to 2025
| One year | 10.90% |
|---|---|
| Five years | 10.60% |
| Ten years | 8.90% |
MSRS State Employees: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 6.9 billion | 88,770 | 112.07% | Not reported |
| 2002 | USD 6.2 billion | 90,067 | 104.53% | Not reported |
| 2003 | USD 6.2 billion | 90,895 | 99.06% | Not reported |
| 2004 | USD 7.0 billion | 96,078 | 100.08% | 8.50% |
| 2005 | USD 7.5 billion | 91,786 | 95.58% | 8.50% |
| 2006 | USD 8.2 billion | 93,249 | 96.23% | 8.50% |
| 2007 | USD 9.5 billion | 95,483 | 92.49% | 7.13% |
| 2008 | USD 8.8 billion | 97,073 | 90.18% | 7.13% |
| 2009 | USD 6.9 billion | 98,454 | 85.90% | 7.13% |
| 2010 | USD 7.7 billion | 98,854 | 87.30% | 7.26% |
| 2011 | USD 9.2 billion | 99,658 | 86.32% | 7.33% |
| 2012 | USD 9.1 billion | 101,672 | 82.67% | 6.99% |
| 2013 | USD 10.0 billion | 104,043 | 82.04% | 7.27% |
| 2014 | USD 11.5 billion | 106,682 | 82.97% | 8.41% |
| 2015 | USD 11.6 billion | 109,241 | 85.72% | 8.00% |
| 2016 | USD 11.2 billion | 112,014 | 81.56% | 8.00% |
| 2017 | USD 12.5 billion | 116,385 | 85.22% | 8.00% |
| 2018 | USD 13.3 billion | 117,388 | 88.80% | 7.50% |
| 2019 | USD 13.8 billion | 120,634 | 88.87% | 7.50% |
| 2020 | USD 13.9 billion | 122,664 | 91.90% | 7.50% |
| 2021 | USD 17.4 billion | 123,198 | 97.13% | 7.50% |
| 2022 | USD 15.8 billion | 126,555 | 99.86% | 7.50% |
| 2023 | USD 16.6 billion | 130,298 | 95.11% | 7.00% |
| 2024 | USD 18.1 billion | 134,925 | 97.17% | 7.00% |
| 2025 | USD 19.5 billion | 138,916 | 95.01% | 7.00% |
MSRS State Employees: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 61.80% | 24.20% | 0.00% | 4.00% | 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 | 64.59% | 21.43% | 0.00% | 0.00% | 0.00% | 1.02% |
| 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 | 64.90% | 19.40% | 0.00% | 0.00% | 0.00% | 2.60% |
| 2018 | 60.70% | 24.30% | 0.00% | 0.00% | 0.00% | 1.20% |
| 2019 | 62.20% | 20.30% | 0.00% | 0.00% | 0.00% | 2.90% |
| 2020 | 59.60% | 20.40% | 0.00% | 0.00% | 0.00% | 4.40% |
| 2021 | 50.00% | 19.60% | 0.00% | 0.00% | 0.00% | 4.70% |
| 2022 | 48.80% | 19.50% | 0.00% | 0.00% | 0.00% | 5.30% |
| 2023 | 50.60% | 19.40% | 0.00% | 0.00% | 0.00% | 4.80% |
| 2024 | 50.50% | 20.00% | 0.00% | 0.00% | 0.00% | 5.10% |
| 2025 | 52.00% | 20.00% | 0.00% | 0.00% | 0.00% | 6.00% |
MSRS State Employees: 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 | -8.20% | 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% |