US public pension profile· TSERS
Teachers’ and State Employees’ Retirement System of North Carolina
Funding, investment choices and long-term returns.
North Carolina ·Fiscal year 2025
TSERS: fiscal year 2025 at a glance
- Market value of assets
- USD 93.4 billion
- Total membership
- 796,517
- Funded ratio
- 88.79%
- 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% |
TSERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 44.7 billion | 445,972 | 112.80% | Not reported |
| 2002 | USD 41.8 billion | 461,822 | 111.60% | 7.25% |
| 2003 | USD 43.3 billion | 473,016 | 108.40% | 7.25% |
| 2004 | USD 46.9 billion | 479,600 | 108.10% | 7.25% |
| 2005 | USD 49.9 billion | 492,769 | 108.10% | 7.25% |
| 2006 | USD 51.9 billion | 510,235 | 106.50% | 7.25% |
| 2007 | USD 57.8 billion | 530,343 | 106.10% | 7.25% |
| 2008 | USD 55.0 billion | 553,765 | 104.70% | 7.25% |
| 2009 | USD 45.4 billion | 572,146 | 99.30% | 7.25% |
| 2010 | USD 48.8 billion | 577,845 | 95.90% | 7.25% |
| 2011 | USD 55.8 billion | 590,770 | 95.40% | 7.25% |
| 2012 | USD 55.2 billion | 600,378 | 94.00% | 7.25% |
| 2013 | USD 58.5 billion | 617,396 | 94.20% | 7.25% |
| 2014 | USD 65.6 billion | 630,970 | 94.77% | 7.25% |
| 2015 | USD 65.0 billion | 644,434 | 95.60% | 7.25% |
| 2016 | USD 63.3 billion | 657,558 | 92.52% | 7.25% |
| 2017 | USD 67.7 billion | 672,514 | 90.38% | 7.20% |
| 2018 | USD 70.4 billion | 686,329 | 87.83% | 7.00% |
| 2019 | USD 73.0 billion | 695,414 | 86.42% | 7.00% |
| 2020 | USD 74.1 billion | 717,600 | 86.43% | 7.00% |
| 2021 | USD 86.4 billion | 727,397 | 86.76% | 6.50% |
| 2022 | USD 78.7 billion | 742,565 | 90.02% | 6.50% |
| 2023 | USD 81.2 billion | 763,132 | 88.34% | 6.50% |
| 2024 | USD 86.3 billion | 781,203 | 88.79% | 6.50% |
| 2025 | USD 93.4 billion | 796,517 | 88.79% | 6.50% |
TSERS: 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% |
TSERS: 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% |