US public pension profile
New York City Board of Education Retirement System
Funding, investment choices and long-term returns.
New York ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 7.6 billion
- Total membership
- 58,480
- Funded ratio
- 94.79%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 43.65% |
|---|---|
| Fixed income | 31.40% |
| Private equity | 11.82% |
| Real estate | 13.13% |
| Hedge funds | 0.00% |
| Cash | 0.00% |
Returns to 2025
| One year | 10.54% |
|---|---|
| Five years | 9.09% |
| Ten years | 8.34% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.5 billion | 34,661 | 95.65% | 8.00% |
| 2002 | USD 1.4 billion | 35,685 | 87.98% | 8.00% |
| 2003 | USD 1.4 billion | 32,834 | 85.53% | 8.00% |
| 2004 | USD 1.6 billion | 37,486 | 82.98% | 8.00% |
| 2005 | USD 1.7 billion | 38,288 | 77.97% | 8.00% |
| 2006 | USD 1.8 billion | 39,118 | 73.15% | 8.00% |
| 2007 | USD 2.2 billion | 39,280 | 76.54% | 8.00% |
| 2008 | USD 2.0 billion | 40,207 | 76.58% | 8.00% |
| 2009 | USD 1.5 billion | 40,846 | 68.71% | 8.00% |
| 2010 | USD 1.8 billion | 41,153 | 57.79% | 7.00% |
| 2011 | USD 2.3 billion | 41,164 | 63.11% | 7.00% |
| 2012 | USD 2.3 billion | 46,203 | 63.02% | 7.00% |
| 2013 | USD 2.7 billion | 45,612 | 56.72% | 7.00% |
| 2014 | USD 3.3 billion | 45,377 | 56.66% | 7.00% |
| 2015 | USD 3.5 billion | 45,550 | 60.46% | 7.00% |
| 2016 | USD 3.4 billion | 46,281 | 59.96% | 7.00% |
| 2017 | USD 4.1 billion | 47,365 | 69.34% | 7.00% |
| 2018 | USD 4.7 billion | 56,364 | 76.59% | 7.00% |
| 2019 | USD 5.0 billion | 57,768 | 94.06% | 7.00% |
| 2020 | USD 5.2 billion | 58,091 | 92.21% | 7.00% |
| 2021 | USD 7.0 billion | 57,898 | 93.05% | 7.00% |
| 2022 | USD 5.9 billion | 57,775 | 94.33% | 7.00% |
| 2023 | USD 6.1 billion | 58,480 | 94.79% | 7.00% |
| 2024 | USD 6.8 billion | 58,480 | 94.79% | 7.00% |
| 2025 | USD 7.6 billion | 58,480 | 94.79% | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 65.32% | 34.68% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2002 | 67.09% | 32.91% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2003 | 69.12% | 30.88% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2004 | 68.25% | 31.75% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2005 | 64.39% | 35.61% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2006 | 61.71% | 38.29% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2007 | 71.70% | 27.60% | 0.70% | 0.00% | 0.00% | 0.00% |
| 2008 | 72.44% | 26.26% | 1.30% | 0.00% | 0.00% | 0.00% |
| 2009 | 65.76% | 32.73% | 1.51% | 0.00% | 0.00% | 0.00% |
| 2010 | 66.35% | 31.65% | 2.00% | 0.00% | 0.00% | 0.00% |
| 2011 | 66.85% | 28.68% | 2.81% | 1.66% | 0.00% | 0.00% |
| 2012 | 61.30% | 33.27% | 3.28% | 2.15% | 0.00% | 0.00% |
| 2013 | 65.05% | 29.52% | 3.04% | 2.39% | 0.00% | 0.00% |
| 2014 | 75.64% | 17.05% | 3.90% | 3.40% | 0.00% | 0.00% |
| 2015 | 62.15% | 25.18% | 4.07% | 3.97% | 0.00% | 4.13% |
| 2016 | 58.67% | 28.46% | 4.99% | 5.34% | 0.00% | 1.82% |
| 2017 | 59.12% | 28.60% | 5.13% | 5.78% | 0.00% | 0.60% |
| 2018 | 51.52% | 34.57% | 5.86% | 5.60% | 0.00% | 1.26% |
| 2019 | 54.06% | 31.24% | 6.56% | 5.52% | 0.00% | 0.80% |
| 2020 | 52.52% | 31.23% | 6.74% | 5.67% | 0.00% | 1.81% |
| 2021 | 52.40% | 32.17% | 8.19% | 7.24% | 0.00% | 0.00% |
| 2022 | 50.29% | 27.03% | 11.70% | 10.98% | 0.00% | 0.00% |
| 2023 | 45.79% | 29.94% | 11.86% | 12.41% | 0.00% | 0.00% |
| 2024 | 42.38% | 32.86% | 12.37% | 12.39% | 0.00% | 0.00% |
| 2025 | 43.65% | 31.40% | 11.82% | 13.13% | 0.00% | 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 | -8.61% | 10.43% | 11.61% |
| 2002 | -7.64% | 4.64% | 9.20% |
| 2003 | 4.39% | 1.91% | 8.23% |
| 2004 | 16.35% | 2.34% | 9.80% |
| 2005 | 10.20% | 2.47% | 9.00% |
| 2006 | 10.45% | 6.43% | 8.41% |
| 2007 | 18.76% | 11.92% | 8.22% |
| 2008 | -5.30% | 9.75% | 5.76% |
| 2009 | -18.20% | 2.29% | 2.31% |
| 2010 | 15.04% | 3.17% | 2.82% |
| 2011 | 24.19% | 5.62% | 6.02% |
| 2012 | 0.10% | 2.07% | 6.88% |
| 2013 | 12.90% | 5.73% | 7.72% |
| 2014 | 22.42% | 14.60% | 8.27% |
| 2015 | 3.41% | 11.64% | 7.32% |
| 2016 | 0.41% | 6.99% | 6.31% |
| 2017 | 15.60% | 10.12% | 6.02% |
| 2018 | 10.37% | 9.66% | 7.68% |
| 2019 | 6.99% | 7.07% | 10.63% |
| 2020 | 5.72% | 7.60% | 9.73% |
| 2021 | 27.97% | 13.00% | 10.09% |
| 2022 | -9.01% | 7.77% | 9.11% |
| 2023 | 8.55% | 7.41% | 8.75% |
| 2024 | 10.55% | 8.12% | 8.12% |
| 2025 | 10.54% | 9.09% | 8.34% |