US public pension profile· MOSERS
Missouri State Employees’ Retirement System
Funding, investment choices and long-term returns.
Missouri ·Fiscal year 2025
MOSERS: fiscal year 2025 at a glance
- Market value of assets
- USD 9.4 billion
- Total membership
- 157,979
- Funded ratio
- 55.44%
- Assumed investment return
- 6.95%
Asset allocation in 2025
| Public equity | 35.20% |
|---|---|
| Fixed income | 17.00% |
| Private equity | 14.90% |
| Real estate | 9.50% |
| Hedge funds | 22.50% |
| Cash | 0.00% |
Returns to 2025
| One year | 9.80% |
|---|---|
| Five years | 6.60% |
| Ten years | 5.40% |
MOSERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 5.4 billion | 90,418 | 97.00% | 8.50% |
| 2002 | USD 5.0 billion | 92,375 | 95.90% | 8.50% |
| 2003 | USD 5.2 billion | 93,404 | 90.90% | 8.50% |
| 2004 | USD 5.9 billion | 94,467 | 84.60% | 8.50% |
| 2005 | USD 6.4 billion | 96,442 | 84.90% | 8.50% |
| 2006 | USD 7.0 billion | 97,309 | 85.30% | 8.50% |
| 2007 | USD 8.1 billion | 99,573 | 86.80% | 8.50% |
| 2008 | USD 7.9 billion | 101,743 | 85.90% | 8.50% |
| 2009 | USD 6.2 billion | 103,953 | 83.00% | 8.50% |
| 2010 | USD 6.7 billion | 104,128 | 80.40% | 8.50% |
| 2011 | USD 7.8 billion | 104,687 | 79.20% | 8.50% |
| 2012 | USD 7.6 billion | 106,674 | 73.20% | 8.00% |
| 2013 | USD 8.0 billion | 109,808 | 72.70% | 8.00% |
| 2014 | USD 9.1 billion | 110,554 | 75.15% | 8.00% |
| 2015 | USD 8.5 billion | 113,377 | 74.97% | 8.00% |
| 2016 | USD 8.1 billion | 114,864 | 69.62% | 7.65% |
| 2017 | USD 7.9 billion | 116,075 | 67.46% | 7.50% |
| 2018 | USD 8.0 billion | 128,018 | 64.87% | 7.25% |
| 2019 | USD 7.9 billion | 132,285 | 62.92% | 7.10% |
| 2020 | USD 7.9 billion | 135,789 | 61.10% | 6.95% |
| 2021 | USD 9.5 billion | 138,428 | 58.96% | 6.95% |
| 2022 | USD 8.2 billion | 141,839 | 57.72% | 6.95% |
| 2023 | USD 8.6 billion | 147,677 | 57.63% | 6.95% |
| 2024 | USD 8.8 billion | 153,190 | 55.31% | 6.95% |
| 2025 | USD 9.4 billion | 157,979 | 55.44% | 6.95% |
MOSERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 72.80% | 27.20% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2002 | 71.60% | 28.40% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2003 | 47.00% | 24.30% | 2.90% | 4.00% | 14.80% | 0.00% |
| 2004 | 45.20% | 23.80% | 5.20% | 4.30% | 14.20% | 0.00% |
| 2005 | 40.64% | 21.62% | 7.31% | 4.70% | 17.32% | 0.00% |
| 2006 | 42.50% | 21.40% | 6.80% | 4.90% | 16.70% | 0.00% |
| 2007 | 43.80% | 20.90% | 8.20% | 5.40% | 15.20% | 0.00% |
| 2008 | 42.00% | 23.10% | 11.20% | 6.20% | 7.80% | 0.00% |
| 2009 | 41.11% | 23.04% | 8.74% | 6.16% | 12.21% | 0.00% |
| 2010 | 46.99% | 23.65% | 9.82% | 7.21% | 3.71% | 0.00% |
| 2011 | 45.50% | 23.70% | 10.20% | 7.50% | 4.70% | 0.00% |
| 2012 | 46.57% | 23.08% | 10.32% | 7.54% | 5.02% | 0.00% |
| 2013 | 29.03% | 33.53% | 11.11% | 0.00% | 9.61% | 0.00% |
| 2014 | 12.31% | 23.22% | 9.81% | 0.00% | 50.65% | 0.00% |
| 2015 | 12.81% | 20.62% | 11.01% | 0.00% | 51.65% | 0.00% |
| 2016 | 14.10% | 24.30% | 0.00% | 0.00% | 38.40% | 0.00% |
| 2017 | 33.70% | 20.60% | 0.00% | 0.00% | 38.60% | 3.20% |
| 2018 | 35.60% | 25.00% | 0.00% | 0.00% | 33.80% | 0.10% |
| 2019 | 32.59% | 33.32% | 0.00% | 0.00% | 29.69% | 0.00% |
| 2020 | 34.00% | 28.67% | 0.00% | 0.00% | 31.35% | 0.00% |
| 2021 | 43.00% | 37.60% | 0.00% | 0.00% | 19.40% | 0.00% |
| 2022 | 42.60% | 36.60% | 0.00% | 0.00% | 20.80% | 0.00% |
| 2023 | 45.30% | 34.60% | 0.00% | 0.00% | 20.10% | 0.00% |
| 2024 | 45.30% | 34.10% | 0.00% | 0.00% | 20.60% | 0.00% |
| 2025 | 35.20% | 17.00% | 14.90% | 9.50% | 22.50% | 0.00% |
MOSERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -2.20% | 10.70% | 11.10% |
| 2002 | -6.20% | 5.20% | 9.00% |
| 2003 | 7.00% | 3.30% | 8.40% |
| 2004 | 17.10% | 7.20% | 6.80% |
| 2005 | 12.60% | 5.30% | 9.80% |
| 2006 | 11.50% | 8.10% | 9.30% |
| 2007 | 18.70% | 13.30% | 9.20% |
| 2008 | 1.60% | 12.10% | 7.60% |
| 2009 | -19.10% | 4.20% | 4.30% |
| 2010 | 14.30% | 4.50% | 4.90% |
| 2011 | 21.00% | 6.20% | 7.10% |
| 2012 | 2.20% | 3.10% | 8.10% |
| 2013 | 10.40% | 4.80% | 8.40% |
| 2014 | 19.20% | 13.20% | 8.60% |
| 2015 | -2.60% | 9.60% | 7.00% |
| 2016 | 0.30% | 5.60% | 5.90% |
| 2017 | 3.50% | 5.90% | 4.50% |
| 2018 | 7.40% | 5.30% | 5.00% |
| 2019 | 4.30% | 2.50% | 7.70% |
| 2020 | 5.20% | 4.10% | 6.80% |
| 2021 | 26.40% | 9.10% | 7.30% |
| 2022 | -9.00% | 6.30% | 6.10% |
| 2023 | 2.50% | 5.30% | 5.30% |
| 2024 | 6.60% | 5.70% | 4.10% |
| 2025 | 9.80% | 6.60% | 5.40% |