US public pension profile· TPAF
Teachers’ Pension and Annuity Fund of New Jersey
Funding, investment choices and long-term returns.
New Jersey ·Fiscal year 2025
TPAF: fiscal year 2025 at a glance
- Market value of assets
- USD 33.9 billion
- Total membership
- 278,297
- Funded ratio
- 48.59%
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
| One year | 10.96% |
|---|---|
| Five years | 9.68% |
| Ten years | 7.63% |
TPAF: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 30.9 billion | 190,959 | 108.00% | 8.75% |
| 2002 | USD 27.2 billion | 199,558 | 100.00% | 8.75% |
| 2003 | USD 26.5 billion | 206,243 | 92.70% | 8.75% |
| 2004 | USD 28.7 billion | 212,015 | 85.60% | 8.25% |
| 2005 | USD 29.6 billion | 218,221 | 79.10% | 8.25% |
| 2006 | USD 30.9 billion | 223,355 | 76.30% | 8.25% |
| 2007 | USD 34.5 billion | 227,844 | 74.70% | 8.25% |
| 2008 | USD 32.3 billion | 232,155 | 70.84% | 8.25% |
| 2009 | USD 25.0 billion | 235,891 | 63.83% | 8.25% |
| 2010 | USD 25.9 billion | 237,737 | 67.14% | 8.25% |
| 2011 | USD 27.5 billion | 237,447 | 62.81% | 7.95% |
| 2012 | USD 25.5 billion | 239,900 | 59.30% | 7.90% |
| 2013 | USD 26.1 billion | 243,398 | 57.05% | 7.90% |
| 2014 | USD 27.3 billion | 247,910 | 54.04% | 7.90% |
| 2015 | USD 25.6 billion | 251,892 | 51.12% | 7.90% |
| 2016 | USD 22.7 billion | 255,631 | 46.95% | 7.65% |
| 2017 | USD 23.1 billion | 258,592 | 42.12% | 7.50% |
| 2018 | USD 23.0 billion | 260,418 | 43.15% | 7.50% |
| 2019 | USD 22.7 billion | 262,886 | 40.29% | 7.30% |
| 2020 | USD 21.5 billion | 264,699 | 39.75% | 7.30% |
| 2021 | USD 26.5 billion | 266,078 | 41.27% | 7.00% |
| 2022 | USD 24.6 billion | 269,892 | 42.08% | 7.00% |
| 2023 | USD 27.1 billion | 273,482 | 43.81% | 7.00% |
| 2024 | USD 30.3 billion | 276,319 | 45.78% | 7.00% |
| 2025 | USD 33.9 billion | 278,297 | 48.59% | 7.00% |
TPAF: 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 | 67.13% | 24.48% | 0.00% | 1.70% | 0.80% | 5.89% |
| 2007 | 59.20% | 25.10% | 0.00% | 1.40% | 6.10% | 8.20% |
| 2008 | 49.35% | 29.73% | 0.00% | 1.60% | 12.11% | 7.21% |
| 2009 | 44.79% | 35.00% | 4.75% | 2.53% | 4.27% | 7.65% |
| 2010 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2011 | 45.57% | 29.24% | 7.30% | 3.70% | 5.30% | 5.72% |
| 2012 | 45.22% | 28.01% | 7.83% | 4.69% | 7.83% | 1.71% |
| 2013 | 46.94% | 21.29% | 8.07% | 5.05% | 9.84% | 4.57% |
| 2014 | 45.14% | 19.38% | 9.07% | 4.57% | 10.67% | 6.70% |
| 2015 | 45.32% | 17.98% | 9.72% | 4.70% | 12.25% | 5.83% |
| 2016 | 42.80% | 18.07% | 10.59% | 5.91% | 11.52% | 6.19% |
| 2017 | 46.28% | 19.01% | 10.32% | 5.99% | 8.00% | 5.25% |
| 2018 | 47.90% | 18.01% | 11.14% | 6.15% | 6.37% | 4.92% |
| 2019 | 47.46% | 19.11% | 10.93% | 6.15% | 5.85% | 7.73% |
| 2020 | 45.62% | 14.94% | 11.68% | 6.26% | 10.66% | 6.74% |
| 2021 | 46.34% | 17.46% | 12.60% | 5.62% | 9.31% | 6.25% |
| 2022 | 42.26% | 14.75% | 12.63% | 6.37% | 10.50% | 9.07% |
| 2023 | 45.46% | 16.00% | 11.95% | 5.68% | 9.95% | 8.43% |
| 2024 | 44.76% | 15.08% | 11.04% | 5.05% | 10.03% | 11.44% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
TPAF: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -10.40% | 11.80% | Not reported |
| 2002 | -9.00% | 5.40% | Not reported |
| 2003 | 3.30% | 1.80% | Not reported |
| 2004 | 14.10% | 1.50% | Not reported |
| 2005 | 8.70% | 0.90% | Not reported |
| 2006 | 9.80% | 5.10% | Not reported |
| 2007 | 17.10% | 10.50% | Not reported |
| 2008 | -2.66% | 9.22% | Not reported |
| 2009 | -14.27% | 3.15% | Not reported |
| 2010 | 13.36% | 3.71% | 2.42% |
| 2011 | 18.03% | 5.23% | 5.20% |
| 2012 | 2.52% | 2.46% | 6.42% |
| 2013 | 11.78% | 5.32% | 7.26% |
| 2014 | 16.87% | 12.37% | 7.51% |
| 2015 | 4.16% | 10.49% | 7.05% |
| 2016 | -0.93% | 6.64% | 5.92% |
| 2017 | 13.07% | 8.75% | 5.55% |
| 2018 | 9.06% | 8.23% | 6.75% |
| 2019 | 6.27% | 6.21% | 9.22% |
| 2020 | 1.21% | 5.61% | 7.99% |
| 2021 | 28.63% | 11.27% | 8.93% |
| 2022 | -7.90% | 6.80% | 7.77% |
| 2023 | 9.06% | 6.80% | 7.51% |
| 2024 | 10.74% | 7.69% | 6.94% |
| 2025 | 10.96% | 9.68% | 7.63% |