US public pension profile· LAGERS
Missouri Local Government Employees Retirement System
Funding, investment choices and long-term returns.
Missouri ·Fiscal year 2025
LAGERS: fiscal year 2025 at a glance
- Market value of assets
- USD 11.3 billion
- Total membership
- 90,521
- Funded ratio
- 92.27%
- Assumed investment return
- 5.50%
Asset allocation in 2025
| Public equity | 35.20% |
|---|---|
| Fixed income | 27.70% |
| Private equity | 0.00% |
| Real estate | 0.00% |
| Hedge funds | 2.70% |
| Cash | 0.00% |
Returns to 2025
| One year | 6.39% |
|---|---|
| Five years | 8.60% |
| Ten years | 7.66% |
LAGERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 2.5 billion | 41,170 | 104.00% | 7.50% |
| 2002 | USD 2.4 billion | 42,936 | 100.40% | 7.50% |
| 2003 | USD 2.4 billion | 44,457 | 96.40% | 7.50% |
| 2004 | USD 2.8 billion | 46,302 | 95.90% | 7.50% |
| 2005 | USD 3.2 billion | 47,842 | 95.10% | 7.50% |
| 2006 | USD 3.5 billion | 49,472 | 95.30% | 7.50% |
| 2007 | USD 4.1 billion | 51,143 | 96.10% | 7.50% |
| 2008 | USD 4.0 billion | 53,071 | 97.50% | 7.50% |
| 2009 | USD 3.2 billion | 55,340 | 80.00% | 7.50% |
| 2010 | USD 3.7 billion | 56,971 | 81.00% | 7.50% |
| 2011 | USD 4.5 billion | 58,125 | 81.60% | 7.25% |
| 2012 | USD 4.7 billion | 59,434 | 83.50% | 7.25% |
| 2013 | USD 5.3 billion | 61,077 | 86.50% | 7.25% |
| 2014 | USD 6.3 billion | 62,926 | 91.70% | 7.25% |
| 2015 | USD 6.4 billion | 64,505 | 94.44% | 7.25% |
| 2016 | USD 6.3 billion | 66,499 | 94.74% | 7.25% |
| 2017 | USD 7.0 billion | 68,631 | 94.80% | 7.25% |
| 2018 | USD 7.8 billion | 71,044 | 95.62% | 7.25% |
| 2019 | USD 8.2 billion | 73,499 | 94.89% | 5.50% |
| 2020 | USD 8.2 billion | 76,190 | 93.66% | 5.50% |
| 2021 | USD 10.3 billion | 78,214 | 95.59% | 5.50% |
| 2022 | USD 10.2 billion | 80,355 | 96.47% | 5.50% |
| 2023 | USD 10.4 billion | 80,355 | 95.14% | 5.50% |
| 2024 | USD 10.8 billion | 87,238 | 93.39% | 5.50% |
| 2025 | USD 11.3 billion | 90,521 | 92.27% | 5.50% |
LAGERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 68.30% | 27.59% | 0.00% | 0.00% | 0.00% | 0.50% |
| 2002 | 67.99% | 27.19% | 0.00% | 0.00% | 0.00% | 0.84% |
| 2003 | 62.60% | 33.10% | 0.00% | 0.00% | 0.00% | 0.40% |
| 2004 | 62.80% | 33.00% | 0.00% | 0.00% | 0.00% | 0.50% |
| 2005 | 61.10% | 33.30% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2006 | 62.00% | 31.10% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2007 | 65.04% | 28.37% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2008 | 58.30% | 32.50% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2009 | 51.70% | 36.70% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2010 | 51.70% | 32.30% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2011 | 54.20% | 27.60% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2012 | 50.90% | 25.50% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2013 | 50.80% | 23.90% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2014 | 48.10% | 24.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2015 | 43.20% | 25.60% | 5.60% | 0.00% | 7.70% | 0.00% |
| 2016 | 45.30% | 27.00% | 0.00% | 0.00% | 7.70% | 0.00% |
| 2017 | 45.80% | 23.30% | 0.00% | 0.00% | 9.80% | 0.00% |
| 2018 | 39.20% | 26.20% | 0.00% | 0.00% | 6.30% | 0.00% |
| 2019 | 29.87% | 26.40% | 0.00% | 0.00% | 16.91% | 0.00% |
| 2020 | 32.15% | 22.36% | 0.00% | 0.00% | 16.20% | 0.00% |
| 2021 | 32.21% | 23.15% | 0.00% | 0.00% | 14.99% | 0.00% |
| 2022 | 24.64% | 27.85% | 0.00% | 0.00% | 16.21% | 0.00% |
| 2023 | 34.35% | 28.44% | 0.00% | 0.00% | 5.28% | 0.00% |
| 2024 | 35.88% | 27.63% | 0.00% | 0.00% | 4.67% | 0.00% |
| 2025 | 35.20% | 27.70% | 0.00% | 0.00% | 2.70% | 0.00% |
LAGERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -4.20% | 11.30% | Not reported |
| 2002 | -4.80% | 6.60% | Not reported |
| 2003 | 1.80% | 3.40% | Not reported |
| 2004 | 16.40% | 4.40% | Not reported |
| 2005 | 12.40% | 3.90% | 9.80% |
| 2006 | 9.20% | 6.70% | 8.90% |
| 2007 | 18.00% | 11.40% | 9.10% |
| 2008 | -2.30% | 10.50% | 7.00% |
| 2009 | -18.40% | 2.90% | 3.70% |
| 2010 | 16.20% | 3.60% | 3.80% |
| 2011 | 23.20% | 5.80% | 6.30% |
| 2012 | 3.60% | 3.14% | 7.17% |
| 2013 | 14.54% | 6.60% | 8.40% |
| 2014 | 19.04% | 15.01% | 8.68% |
| 2015 | 2.16% | 12.18% | 7.65% |
| 2016 | -0.19% | 7.57% | 6.69% |
| 2017 | 12.04% | 9.27% | 6.16% |
| 2018 | 13.70% | 9.11% | 7.83% |
| 2019 | 7.12% | 6.83% | 10.85% |
| 2020 | 1.63% | 6.72% | 9.42% |
| 2021 | 29.48% | 12.42% | 9.97% |
| 2022 | 0.60% | 9.76% | 9.52% |
| 2023 | 4.34% | 7.89% | 8.50% |
| 2024 | 5.74% | 7.61% | 7.22% |
| 2025 | 6.39% | 8.60% | 7.66% |