US public pension profile
Nashville Davidson Metropolitan Employee Benefit System
Funding, investment choices and long-term returns.
Tennessee ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 4.4 billion
- Total membership
- 26,095
- Funded ratio
- 96.08%
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
| One year | 7.34% |
|---|---|
| Five years | 9.24% |
| Ten years | 8.38% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.5 billion | 16,386 | 94.07% | 8.00% |
| 2002 | USD 1.3 billion | 17,445 | 94.06% | 8.00% |
| 2003 | USD 1.3 billion | 18,430 | 92.94% | 8.00% |
| 2004 | USD 1.5 billion | 19,075 | 93.23% | 8.00% |
| 2005 | USD 1.6 billion | 19,612 | 88.12% | 8.00% |
| 2006 | USD 1.8 billion | 20,009 | 87.08% | 8.00% |
| 2007 | USD 2.1 billion | 20,009 | 89.60% | 8.00% |
| 2008 | USD 2.1 billion | 20,545 | 91.20% | 8.00% |
| 2009 | USD 1.6 billion | 20,881 | 84.61% | 8.00% |
| 2010 | USD 1.8 billion | 22,110 | 90.80% | 8.00% |
| 2011 | USD 2.1 billion | 22,903 | 88.66% | 8.00% |
| 2012 | USD 2.1 billion | 23,264 | 84.67% | 7.50% |
| 2013 | USD 2.3 billion | 23,626 | 82.60% | 7.50% |
| 2014 | USD 2.7 billion | 22,931 | 89.73% | 7.50% |
| 2015 | USD 2.8 billion | 23,588 | 95.06% | 7.50% |
| 2016 | USD 2.7 billion | 23,702 | 96.00% | 7.50% |
| 2017 | USD 3.0 billion | 23,260 | 95.39% | 7.25% |
| 2018 | USD 3.1 billion | 24,028 | 94.89% | 7.25% |
| 2019 | USD 3.3 billion | 24,641 | 95.11% | 7.25% |
| 2020 | USD 3.3 billion | 25,265 | 93.35% | 7.25% |
| 2021 | USD 4.2 billion | 25,251 | 95.33% | 7.00% |
| 2022 | USD 4.1 billion | 25,717 | 97.21% | 7.00% |
| 2023 | USD 4.0 billion | 26,095 | 96.08% | 7.00% |
| 2024 | USD 4.2 billion | 26,095 | 96.08% | 7.00% |
| 2025 | USD 4.4 billion | 26,095 | 96.08% | 7.00% |
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 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2007 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2008 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2009 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2010 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2011 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2012 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2013 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2014 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2015 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2016 | 25.74% | 38.40% | 15.32% | 0.00% | 6.99% | 2.15% |
| 2017 | 24.22% | 39.63% | 16.91% | 0.00% | 6.10% | 2.22% |
| 2018 | 27.40% | 37.50% | 16.90% | 0.00% | 6.20% | 1.00% |
| 2019 | 25.87% | 35.76% | 19.28% | 0.00% | 6.19% | 1.00% |
| 2020 | 27.70% | 31.70% | 22.40% | 0.00% | 5.80% | 1.10% |
| 2021 | 28.10% | 37.00% | 25.00% | 0.00% | 1.00% | 0.60% |
| 2022 | 22.60% | 42.10% | 26.60% | 0.00% | 0.20% | 0.50% |
| 2023 | 27.00% | 26.00% | 38.00% | 0.00% | 0.00% | 1.00% |
| 2024 | 31.70% | 24.80% | 35.50% | 0.00% | 0.00% | 0.90% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -9.34% | Not reported | Not reported |
| 2002 | -7.30% | Not reported | Not reported |
| 2003 | 5.60% | Not reported | Not reported |
| 2004 | 16.57% | Not reported | Not reported |
| 2005 | 8.57% | 2.35% | Not reported |
| 2006 | 13.33% | 7.02% | Not reported |
| 2007 | 18.43% | 12.40% | Not reported |
| 2008 | -3.30% | 10.44% | Not reported |
| 2009 | -21.22% | 2.11% | Not reported |
| 2010 | 15.01% | 3.30% | 2.82% |
| 2011 | 20.72% | 4.61% | 5.81% |
| 2012 | 0.86% | 1.30% | 6.70% |
| 2013 | 13.76% | 4.65% | 7.50% |
| 2014 | 17.83% | 13.42% | 7.62% |
| 2015 | 4.87% | 11.35% | 7.25% |
| 2016 | 1.27% | 7.82% | 6.34% |
| 2017 | 13.53% | 10.33% | 5.87% |
| 2018 | 9.44% | 9.46% | 7.17% |
| 2019 | 9.32% | 7.72% | 10.66% |
| 2020 | 4.54% | 7.53% | 9.61% |
| 2021 | 35.99% | 14.07% | 10.90% |
| 2022 | -1.00% | 9.70% | 9.70% |
| 2023 | 0.70% | 8.10% | 8.40% |
| 2024 | 6.90% | 7.60% | 7.60% |
| 2025 | 7.34% | 9.24% | 8.38% |