US public pension profile· PSRS
Public School Retirement System of Missouri
Funding, investment choices and long-term returns.
Missouri ·Fiscal year 2025
PSRS: fiscal year 2025 at a glance
- Market value of assets
- USD 55.6 billion
- Total membership
- 172,202
- Funded ratio
- 89.08%
- Assumed investment return
- 7.30%
Asset allocation in 2025
| Public equity | 44.60% |
|---|---|
| Fixed income | 12.80% |
| Private equity | 16.90% |
| Real estate | 10.10% |
| Hedge funds | 13.60% |
| Cash | 2.00% |
Returns to 2025
| One year | 10.90% |
|---|---|
| Five years | 10.30% |
| Ten years | 8.50% |
PSRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 20.2 billion | 110,852 | 99.40% | 8.00% |
| 2002 | USD 19.4 billion | 113,914 | 95.30% | 8.00% |
| 2003 | USD 20.0 billion | 116,927 | 81.10% | 8.00% |
| 2004 | USD 22.2 billion | 119,701 | 82.00% | 8.00% |
| 2005 | USD 23.7 billion | 121,863 | 82.70% | 8.00% |
| 2006 | USD 25.6 billion | 125,402 | 82.60% | 8.00% |
| 2007 | USD 29.3 billion | 128,556 | 83.50% | 8.00% |
| 2008 | USD 27.4 billion | 131,754 | 83.40% | 8.00% |
| 2009 | USD 21.6 billion | 134,651 | 79.90% | 8.00% |
| 2010 | USD 23.8 billion | 135,882 | 77.70% | 8.00% |
| 2011 | USD 28.1 billion | 137,353 | 85.50% | 8.00% |
| 2012 | USD 27.8 billion | 139,396 | 81.50% | 8.00% |
| 2013 | USD 30.4 billion | 142,031 | 80.10% | 8.00% |
| 2014 | USD 34.4 billion | 147,905 | 82.76% | 8.00% |
| 2015 | USD 34.8 billion | 150,702 | 83.90% | 8.00% |
| 2016 | USD 34.3 billion | 152,525 | 84.85% | 7.75% |
| 2017 | USD 37.3 billion | 154,802 | 83.98% | 7.60% |
| 2018 | USD 39.3 billion | 157,519 | 83.96% | 7.50% |
| 2019 | USD 40.6 billion | 160,010 | 84.42% | 7.50% |
| 2020 | USD 40.7 billion | 161,862 | 84.01% | 6.95% |
| 2021 | USD 50.6 billion | 163,576 | 85.24% | 7.30% |
| 2022 | USD 47.7 billion | 166,069 | 85.16% | 7.30% |
| 2023 | USD 48.8 billion | 168,639 | 85.89% | 7.30% |
| 2024 | USD 52.0 billion | 170,625 | 87.21% | 7.30% |
| 2025 | USD 55.6 billion | 172,202 | 89.08% | 7.30% |
PSRS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 52.20% | 45.90% | 0.00% | 0.00% | 0.00% | 1.90% |
| 2002 | 48.60% | 43.50% | 0.00% | 0.00% | 0.00% | 2.60% |
| 2003 | 51.30% | 40.00% | 0.00% | 0.00% | 0.00% | 3.50% |
| 2004 | 57.30% | 33.50% | 0.00% | 0.00% | 0.00% | 1.70% |
| 2005 | 57.30% | 30.60% | 0.10% | 0.70% | 0.00% | 3.80% |
| 2006 | 58.90% | 27.90% | 0.50% | 3.00% | 0.00% | 2.90% |
| 2007 | 58.50% | 23.70% | 1.40% | 3.90% | 0.50% | 2.60% |
| 2008 | 53.70% | 20.90% | 3.50% | 5.20% | 3.00% | 1.90% |
| 2009 | 50.10% | 27.00% | 4.50% | 5.10% | 10.60% | 2.70% |
| 2010 | 45.00% | 30.50% | 6.80% | 4.40% | 9.60% | 3.70% |
| 2011 | 47.65% | 25.47% | 7.19% | 5.79% | 13.79% | 0.10% |
| 2012 | 45.26% | 24.28% | 8.29% | 7.39% | 14.58% | 0.20% |
| 2013 | 48.00% | 21.50% | 8.20% | 7.70% | 14.10% | 0.50% |
| 2014 | 48.20% | 20.10% | 8.00% | 7.00% | 13.50% | 3.20% |
| 2015 | 45.70% | 22.10% | 8.30% | 7.20% | 14.10% | 2.60% |
| 2016 | 46.19% | 22.24% | 8.72% | 7.92% | 13.43% | 1.50% |
| 2017 | 47.04% | 21.97% | 9.13% | 7.62% | 12.14% | 2.11% |
| 2018 | 46.15% | 20.48% | 10.49% | 7.59% | 11.89% | 3.40% |
| 2019 | 44.50% | 19.80% | 12.40% | 8.10% | 11.80% | 3.40% |
| 2020 | 42.60% | 22.10% | 14.60% | 8.60% | 9.80% | 2.30% |
| 2021 | 43.10% | 19.00% | 18.80% | 7.90% | 9.00% | 2.20% |
| 2022 | 38.15% | 17.43% | 22.51% | 10.96% | 9.06% | 1.89% |
| 2023 | 42.70% | 13.20% | 18.00% | 10.30% | 13.70% | 2.10% |
| 2024 | 44.40% | 12.50% | 17.40% | 9.60% | 13.40% | 2.70% |
| 2025 | 44.60% | 12.80% | 16.90% | 10.10% | 13.60% | 2.00% |
PSRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -1.90% | 10.50% | Not reported |
| 2002 | -2.80% | 6.00% | Not reported |
| 2003 | 4.80% | 3.50% | Not reported |
| 2004 | 12.40% | 3.90% | Not reported |
| 2005 | 9.20% | 4.20% | Not reported |
| 2006 | 9.80% | 6.50% | Not reported |
| 2007 | 16.57% | 10.46% | 8.18% |
| 2008 | -4.60% | 8.40% | Not reported |
| 2009 | -19.30% | 1.50% | Not reported |
| 2010 | 13.00% | 2.20% | 3.17% |
| 2011 | 21.80% | 4.30% | 5.40% |
| 2012 | 1.90% | 1.60% | 5.90% |
| 2013 | 12.60% | 5.00% | 6.70% |
| 2014 | 16.90% | 13.10% | 7.10% |
| 2015 | 4.50% | 11.30% | 6.60% |
| 2016 | 1.80% | 7.40% | 5.80% |
| 2017 | 12.50% | 9.50% | 5.50% |
| 2018 | 8.90% | 8.80% | 6.90% |
| 2019 | 7.00% | 6.90% | 9.90% |
| 2020 | 3.90% | 6.80% | 9.00% |
| 2021 | 28.70% | 11.90% | 9.60% |
| 2022 | -2.80% | 8.60% | 9.10% |
| 2023 | 6.40% | 8.10% | 8.50% |
| 2024 | 10.80% | 8.90% | 7.90% |
| 2025 | 10.90% | 10.30% | 8.50% |