US public pension profile· LGERS
North Carolina Local Governmental Employees’ Retirement System
Funding, investment choices and long-term returns.
North Carolina ·Fiscal year 2025
LGERS: fiscal year 2025 at a glance
- Market value of assets
- USD 37.0 billion
- Total membership
- 349,174
- Funded ratio
- 85.19%
- Assumed investment return
- 6.50%
Asset allocation in 2025
| Public equity | 43.74% |
|---|---|
| Fixed income | 33.37% |
| Private equity | 4.61% |
| Real estate | 6.36% |
| Hedge funds | 8.13% |
| Cash | 3.80% |
Returns to 2025
| One year | 9.94% |
|---|---|
| Five years | 6.71% |
| Ten years | 6.31% |
LGERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 11.5 billion | 146,301 | 99.30% | Not reported |
| 2002 | USD 11.0 billion | 149,932 | 99.30% | 7.25% |
| 2003 | USD 11.9 billion | 168,899 | 99.40% | 7.25% |
| 2004 | USD 13.3 billion | 171,280 | 99.30% | 7.25% |
| 2005 | USD 14.4 billion | 174,493 | 99.30% | 7.25% |
| 2006 | USD 15.4 billion | 179,703 | 99.40% | 7.25% |
| 2007 | USD 17.5 billion | 186,180 | 99.50% | 7.25% |
| 2008 | USD 16.9 billion | 195,274 | 99.50% | 7.25% |
| 2009 | USD 14.4 billion | 203,111 | 99.60% | 7.25% |
| 2010 | USD 15.8 billion | 208,031 | 99.50% | 7.25% |
| 2011 | USD 18.5 billion | 212,866 | 99.60% | 7.25% |
| 2012 | USD 18.7 billion | 217,688 | 99.80% | 7.25% |
| 2013 | USD 20.1 billion | 224,480 | 99.80% | 7.25% |
| 2014 | USD 22.9 billion | 231,858 | 99.82% | 7.25% |
| 2015 | USD 23.0 billion | 238,890 | 99.84% | 7.25% |
| 2016 | USD 22.8 billion | 247,373 | 97.08% | 7.25% |
| 2017 | USD 24.7 billion | 256,259 | 95.21% | 7.20% |
| 2018 | USD 26.0 billion | 265,788 | 91.98% | 7.00% |
| 2019 | USD 27.1 billion | 275,908 | 90.02% | 7.00% |
| 2020 | USD 27.8 billion | 286,648 | 89.36% | 7.00% |
| 2021 | USD 32.6 billion | 294,867 | 87.76% | 6.50% |
| 2022 | USD 29.9 billion | 305,026 | 90.71% | 6.50% |
| 2023 | USD 31.2 billion | 319,990 | 88.19% | 6.50% |
| 2024 | USD 33.6 billion | 334,993 | 86.86% | 6.50% |
| 2025 | USD 37.0 billion | 349,174 | 85.19% | 6.50% |
LGERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 56.34% | 41.55% | 0.20% | 1.91% | 0.00% | 0.00% |
| 2002 | 51.37% | 45.48% | 0.15% | 3.00% | 0.00% | 0.00% |
| 2003 | 50.96% | 45.25% | 0.13% | 2.93% | 0.74% | 0.00% |
| 2004 | 57.93% | 37.82% | 0.38% | 2.99% | 0.88% | 0.00% |
| 2005 | 58.23% | 37.51% | 0.48% | 2.55% | 1.23% | 0.00% |
| 2006 | 56.16% | 38.04% | 0.88% | 3.60% | 1.32% | 0.00% |
| 2007 | 57.10% | 35.50% | 1.62% | 4.50% | 1.28% | 0.00% |
| 2008 | 49.95% | 39.46% | 3.45% | 5.79% | 1.34% | 0.00% |
| 2009 | 47.05% | 42.06% | 4.40% | 5.40% | 1.10% | 0.00% |
| 2010 | 47.85% | 40.06% | 4.20% | 4.50% | 3.40% | 0.00% |
| 2011 | 45.30% | 37.80% | 4.20% | 5.60% | 7.10% | 0.00% |
| 2012 | 42.97% | 36.98% | 4.79% | 7.75% | 7.51% | 0.00% |
| 2013 | 46.45% | 33.83% | 4.30% | 8.11% | 7.31% | 0.00% |
| 2014 | 46.84% | 30.41% | 4.44% | 8.39% | 8.99% | 0.93% |
| 2015 | 44.43% | 28.37% | 4.66% | 8.09% | 13.27% | 1.18% |
| 2016 | 42.50% | 28.20% | 5.00% | 9.60% | 13.70% | 1.00% |
| 2017 | 37.60% | 30.00% | 5.10% | 8.70% | 14.70% | 3.90% |
| 2018 | 40.24% | 33.93% | 5.20% | 8.66% | 8.44% | 3.53% |
| 2019 | 39.49% | 35.14% | 5.35% | 8.79% | 8.16% | 3.06% |
| 2020 | 32.09% | 37.85% | 5.34% | 8.21% | 7.18% | 9.33% |
| 2021 | 35.99% | 33.16% | 6.10% | 7.19% | 6.44% | 11.12% |
| 2022 | 32.15% | 33.27% | 6.41% | 8.24% | 6.91% | 13.01% |
| 2023 | 36.41% | 33.11% | 5.41% | 7.53% | 6.76% | 10.79% |
| 2024 | 40.12% | 33.60% | 4.96% | 6.82% | 6.67% | 7.84% |
| 2025 | 43.74% | 33.37% | 4.61% | 6.36% | 8.13% | 3.80% |
LGERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -2.04% | Not reported | Not reported |
| 2002 | -4.04% | Not reported | Not reported |
| 2003 | 7.56% | 4.00% | Not reported |
| 2004 | 12.10% | 4.18% | Not reported |
| 2005 | 9.85% | 4.31% | Not reported |
| 2006 | 7.23% | 6.31% | Not reported |
| 2007 | 14.80% | 10.30% | Not reported |
| 2008 | -2.10% | 8.20% | 6.10% |
| 2009 | -14.20% | 2.60% | 3.40% |
| 2010 | 12.00% | 3.00% | 3.70% |
| 2011 | 18.48% | 5.10% | 5.70% |
| 2012 | 2.21% | 2.64% | 6.38% |
| 2013 | 9.50% | 5.00% | 6.60% |
| 2014 | 15.90% | 11.50% | 6.90% |
| 2015 | 2.30% | 9.50% | 6.20% |
| 2016 | 0.80% | 6.00% | 5.50% |
| 2017 | 10.77% | 7.70% | 5.14% |
| 2018 | 7.32% | 7.27% | 6.11% |
| 2019 | 6.58% | 5.49% | 8.44% |
| 2020 | 4.35% | 5.92% | 7.67% |
| 2021 | 19.13% | 9.51% | 7.73% |
| 2022 | -7.25% | 5.69% | 6.69% |
| 2023 | 5.28% | 5.29% | 6.27% |
| 2024 | 8.21% | 5.61% | 5.55% |
| 2025 | 9.94% | 6.71% | 6.31% |