US public pension profile· Minnesota TRA
Teachers Retirement Association of Minnesota
Funding, investment choices and long-term returns.
Minnesota ·Fiscal year 2025
Minnesota TRA: fiscal year 2025 at a glance
- Market value of assets
- USD 31.3 billion
- Total membership
- 221,196
- Funded ratio
- 81.60%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 51.80% |
|---|---|
| Fixed income | 23.22% |
| Private equity | 0.00% |
| Real estate | 0.00% |
| Hedge funds | 0.00% |
| Cash | 3.04% |
Returns to 2025
| One year | 10.90% |
|---|---|
| Five years | 10.60% |
| Ten years | 8.90% |
Minnesota TRA: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 15.9 billion | 132,157 | 105.85% | Not reported |
| 2002 | USD 14.0 billion | 134,366 | 105.31% | Not reported |
| 2003 | USD 13.6 billion | 136,675 | 103.13% | Not reported |
| 2004 | USD 15.1 billion | 138,647 | 100.01% | 6.97% |
| 2005 | USD 15.9 billion | 142,540 | 98.51% | 6.99% |
| 2006 | USD 17.8 billion | 157,576 | 92.05% | 6.94% |
| 2007 | USD 19.9 billion | 159,782 | 87.54% | 6.93% |
| 2008 | USD 18.1 billion | 157,779 | 81.99% | 7.13% |
| 2009 | USD 13.8 billion | 162,933 | 77.36% | 7.12% |
| 2010 | USD 14.9 billion | 165,616 | 78.45% | 7.21% |
| 2011 | USD 17.3 billion | 168,725 | 77.27% | 6.72% |
| 2012 | USD 16.7 billion | 171,866 | 72.99% | 6.70% |
| 2013 | USD 18.0 billion | 175,428 | 71.63% | 6.70% |
| 2014 | USD 20.3 billion | 178,943 | 74.13% | 6.70% |
| 2015 | USD 20.2 billion | 185,732 | 77.05% | 8.40% |
| 2016 | USD 19.4 billion | 189,563 | 75.59% | 8.44% |
| 2017 | USD 21.3 billion | 193,959 | 76.79% | 8.47% |
| 2018 | USD 22.4 billion | 197,910 | 76.89% | 7.50% |
| 2019 | USD 22.9 billion | 201,686 | 76.82% | 7.50% |
| 2020 | USD 22.7 billion | 204,683 | 76.13% | 7.50% |
| 2021 | USD 28.4 billion | 206,871 | 80.25% | 7.50% |
| 2022 | USD 25.6 billion | 210,914 | 82.00% | 7.50% |
| 2023 | USD 26.8 billion | 214,834 | 76.85% | 7.00% |
| 2024 | USD 29.1 billion | 218,524 | 79.90% | 7.00% |
| 2025 | USD 31.3 billion | 221,196 | 81.60% | 7.00% |
Minnesota TRA: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 64.54% | 26.77% | 7.69% | 0.00% | 0.00% | 1.00% |
| 2002 | 63.82% | 27.38% | 8.20% | 0.00% | 0.00% | 0.60% |
| 2003 | 64.60% | 25.50% | 8.80% | 0.00% | 0.00% | 1.10% |
| 2004 | 65.22% | 22.99% | 0.00% | 0.00% | 0.00% | 3.70% |
| 2005 | 65.51% | 24.19% | 0.00% | 0.00% | 0.00% | 1.70% |
| 2006 | 63.55% | 23.44% | 0.00% | 0.00% | 0.00% | 3.30% |
| 2007 | 65.83% | 22.88% | 0.00% | 0.00% | 0.00% | 1.80% |
| 2008 | 61.89% | 24.41% | 0.00% | 0.00% | 0.00% | 1.10% |
| 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 | 64.68% | 19.32% | 0.00% | 0.00% | 0.00% | 2.93% |
| 2018 | 60.47% | 24.19% | 0.00% | 0.00% | 0.00% | 1.58% |
| 2019 | 62.00% | 20.28% | 0.00% | 0.00% | 0.00% | 3.22% |
| 2020 | 59.45% | 20.30% | 0.00% | 0.00% | 0.00% | 4.66% |
| 2021 | 49.94% | 19.57% | 0.00% | 0.00% | 0.00% | 4.84% |
| 2022 | 48.70% | 19.57% | 0.00% | 0.00% | 0.00% | 5.41% |
| 2023 | 50.35% | 19.45% | 0.00% | 0.00% | 0.00% | 5.10% |
| 2024 | 50.37% | 19.94% | 0.00% | 0.00% | 0.00% | 5.41% |
| 2025 | 51.80% | 23.22% | 0.00% | 0.00% | 0.00% | 3.04% |
Minnesota TRA: 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% |