US public pension profile
Montgomery County (MD) Employees' Retirement System
Funding, investment choices and long-term returns.
Maryland ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 5.1 billion
- Total membership
- 14,934
- Funded ratio
- 95.57%
- Assumed investment return
- 7.50%
Asset allocation in 2025
| Public equity | 36.53% |
|---|---|
| Fixed income | 13.99% |
| Private equity | 23.71% |
| Real estate | 13.34% |
| Hedge funds | 12.44% |
| Cash | 0.00% |
Returns to 2025
| One year | 9.20% |
|---|---|
| Five years | 8.90% |
| Ten years | 7.96% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.8 billion | 10,012 | 94.30% | Not reported |
| 2002 | Not reported | 10,098 | 89.60% | Not reported |
| 2003 | USD 1.7 billion | 10,246 | 84.20% | Not reported |
| 2004 | USD 2.0 billion | 10,229 | 79.80% | Not reported |
| 2005 | USD 2.1 billion | 10,674 | 75.70% | Not reported |
| 2006 | USD 2.3 billion | 10,695 | 76.20% | 8.00% |
| 2007 | USD 2.7 billion | 11,086 | 79.70% | 8.00% |
| 2008 | USD 2.6 billion | 10,871 | 80.80% | 8.00% |
| 2009 | USD 2.1 billion | 10,843 | 78.40% | 8.00% |
| 2010 | USD 2.4 billion | 11,753 | 76.60% | 7.50% |
| 2011 | USD 2.9 billion | 11,625 | 76.60% | 7.50% |
| 2012 | USD 2.9 billion | 11,791 | 76.70% | 7.50% |
| 2013 | USD 3.2 billion | 11,925 | 79.00% | 7.50% |
| 2014 | USD 3.7 billion | 12,180 | 84.20% | 7.50% |
| 2015 | USD 3.7 billion | 12,323 | 89.62% | 7.50% |
| 2016 | USD 3.6 billion | 12,361 | 91.73% | 7.50% |
| 2017 | USD 3.9 billion | 12,734 | 94.43% | 7.50% |
| 2018 | USD 4.1 billion | 13,108 | 95.73% | 7.50% |
| 2019 | USD 4.3 billion | 13,277 | 98.65% | 7.50% |
| 2020 | USD 4.3 billion | 13,516 | 99.21% | 7.50% |
| 2021 | USD 5.3 billion | 13,660 | 103.17% | 7.50% |
| 2022 | USD 4.8 billion | 13,648 | 101.88% | 7.50% |
| 2023 | USD 4.8 billion | 13,983 | 98.60% | 7.50% |
| 2024 | USD 4.9 billion | 14,513 | 96.26% | 7.50% |
| 2025 | USD 5.1 billion | 14,934 | 95.57% | 7.50% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2002 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2003 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2004 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2005 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2006 | 65.30% | 31.90% | 1.90% | 0.30% | 0.00% | 0.60% |
| 2007 | 62.00% | 32.70% | 4.10% | 1.10% | 0.00% | 0.00% |
| 2008 | 55.10% | 36.60% | 5.50% | 2.80% | 0.00% | 0.00% |
| 2009 | 47.60% | 38.90% | 6.40% | 3.80% | 0.00% | 0.00% |
| 2010 | 44.20% | 37.70% | 6.90% | 3.10% | 3.20% | 0.00% |
| 2011 | 44.80% | 35.60% | 7.30% | 4.20% | 2.80% | 0.00% |
| 2012 | 40.80% | 38.00% | 7.80% | 5.10% | 3.70% | 0.00% |
| 2013 | 42.40% | 34.50% | 7.50% | 7.50% | 3.80% | 0.00% |
| 2014 | 38.50% | 34.70% | 7.10% | 10.70% | 3.50% | 0.00% |
| 2015 | 39.50% | 35.50% | 7.10% | 11.40% | 3.30% | 0.00% |
| 2016 | 37.10% | 36.90% | 7.80% | 5.40% | 3.30% | 0.00% |
| 2017 | 38.60% | 35.50% | 8.60% | 4.90% | 2.90% | 0.00% |
| 2018 | 35.70% | 35.40% | 10.00% | 4.80% | 3.10% | 0.00% |
| 2019 | 30.20% | 37.10% | 10.20% | 5.10% | 4.60% | 0.00% |
| 2020 | 28.40% | 35.40% | 11.90% | 5.80% | 7.20% | 0.00% |
| 2021 | 29.80% | 30.50% | 15.30% | 6.50% | 6.90% | 0.00% |
| 2022 | 25.50% | 31.20% | 18.00% | 9.00% | 8.40% | 0.00% |
| 2023 | 24.50% | 28.60% | 19.90% | 10.50% | 8.90% | 0.00% |
| 2024 | 24.00% | 29.10% | 18.90% | 10.60% | 9.70% | 0.00% |
| 2025 | 36.53% | 13.99% | 23.71% | 13.34% | 12.44% | 0.00% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -4.21% | Not reported | Not reported |
| 2002 | Not reported | Not reported | Not reported |
| 2003 | 4.95% | Not reported | Not reported |
| 2004 | 16.80% | Not reported | Not reported |
| 2005 | 10.06% | Not reported | Not reported |
| 2006 | 9.18% | 6.83% | 8.74% |
| 2007 | 18.79% | 12.11% | Not reported |
| 2008 | -2.26% | 10.42% | Not reported |
| 2009 | -15.81% | 3.36% | Not reported |
| 2010 | 14.45% | 4.08% | Not reported |
| 2011 | 21.77% | 6.38% | Not reported |
| 2012 | 5.30% | 3.84% | 7.77% |
| 2013 | 10.85% | 6.49% | 8.36% |
| 2014 | 17.66% | 13.87% | 8.44% |
| 2015 | 2.82% | 11.45% | 7.70% |
| 2016 | 1.90% | 7.57% | 6.96% |
| 2017 | 12.10% | 8.90% | 6.34% |
| 2018 | 9.10% | 8.60% | 7.52% |
| 2019 | 8.70% | 6.85% | 10.30% |
| 2020 | 3.80% | 7.06% | 9.23% |
| 2021 | 27.00% | 11.88% | 9.69% |
| 2022 | -2.90% | 8.71% | 8.80% |
| 2023 | 4.00% | 7.70% | 8.11% |
| 2024 | 9.20% | 7.77% | 7.31% |
| 2025 | 9.20% | 8.90% | 7.96% |