US public pension profile· TFFR
North Dakota Teachers' Fund for Retirement
Funding, investment choices and long-term returns.
North Dakota ·Fiscal year 2025
TFFR: fiscal year 2025 at a glance
- Market value of assets
- USD 3.6 billion
- Total membership
- 25,938
- Funded ratio
- 73.43%
- Assumed investment return
- 7.25%
Asset allocation in 2025
| Public equity | 40.14% |
|---|---|
| Fixed income | 37.86% |
| Private equity | 20.00% |
| Real estate | 0.00% |
| Hedge funds | 0.00% |
| Cash | 0.86% |
Returns to 2025
| One year | 11.42% |
|---|---|
| Five years | 8.95% |
| Ten years | 7.55% |
TFFR: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.3 billion | 16,412 | 96.40% | 8.00% |
| 2002 | USD 1.2 billion | 16,433 | 91.60% | 8.00% |
| 2003 | USD 1.2 billion | 16,602 | 85.10% | 8.00% |
| 2004 | USD 1.4 billion | 16,720 | 80.30% | 8.00% |
| 2005 | USD 1.5 billion | 16,932 | 74.80% | 8.00% |
| 2006 | USD 1.7 billion | 17,030 | 75.40% | 8.00% |
| 2007 | USD 2.0 billion | 17,257 | 79.20% | 8.00% |
| 2008 | USD 1.8 billion | 17,566 | 81.90% | 8.00% |
| 2009 | USD 1.3 billion | 17,955 | 77.70% | 8.00% |
| 2010 | USD 1.4 billion | 18,382 | 69.80% | 8.00% |
| 2011 | USD 1.7 billion | 18,807 | 66.30% | 8.00% |
| 2012 | USD 1.7 billion | 19,116 | 60.90% | 8.00% |
| 2013 | USD 1.8 billion | 19,690 | 58.80% | 8.00% |
| 2014 | USD 2.1 billion | 20,222 | 61.82% | 8.00% |
| 2015 | USD 2.1 billion | 20,806 | 61.60% | 7.75% |
| 2016 | USD 2.1 billion | 21,442 | 62.11% | 7.75% |
| 2017 | USD 2.4 billion | 21,853 | 63.73% | 7.75% |
| 2018 | USD 2.5 billion | 22,218 | 65.38% | 7.75% |
| 2019 | USD 2.6 billion | 22,785 | 66.00% | 7.75% |
| 2020 | USD 2.7 billion | 23,230 | 65.65% | 7.25% |
| 2021 | USD 3.3 billion | 23,856 | 68.58% | 7.25% |
| 2022 | USD 3.0 billion | 24,490 | 69.93% | 7.25% |
| 2023 | USD 3.2 billion | 25,102 | 71.21% | 7.25% |
| 2024 | USD 3.4 billion | 25,663 | 71.63% | 7.25% |
| 2025 | USD 3.6 billion | 25,938 | 73.43% | 7.25% |
TFFR: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 64.00% | 19.00% | 4.00% | 11.00% | 0.00% | 2.00% |
| 2002 | 66.00% | 20.00% | 3.00% | 9.00% | 0.00% | 2.00% |
| 2003 | 67.00% | 18.00% | 4.00% | 9.00% | 0.00% | 2.00% |
| 2004 | 66.00% | 19.00% | 4.00% | 8.00% | 0.00% | 3.00% |
| 2005 | 66.00% | 19.00% | 4.00% | 9.00% | 0.00% | 2.00% |
| 2006 | 60.00% | 24.00% | 4.00% | 11.00% | 0.00% | 1.00% |
| 2007 | 63.00% | 21.00% | 4.00% | 11.00% | 0.00% | 1.00% |
| 2008 | 55.45% | 25.74% | 5.94% | 11.88% | 0.00% | 0.99% |
| 2009 | 51.00% | 31.00% | 6.00% | 11.00% | 0.00% | 1.00% |
| 2010 | 56.00% | 27.00% | 5.00% | 10.00% | 0.00% | 2.00% |
| 2011 | 61.00% | 24.00% | 4.00% | 10.00% | 0.00% | 1.00% |
| 2012 | 50.00% | 23.00% | 6.00% | 11.00% | 0.00% | 1.00% |
| 2013 | 52.00% | 23.00% | 5.00% | 10.00% | 0.00% | 1.00% |
| 2014 | 53.00% | 23.00% | 5.00% | 10.00% | 0.00% | 1.00% |
| 2015 | 53.00% | 23.00% | 4.00% | 10.00% | 0.00% | 1.00% |
| 2016 | 54.00% | 23.00% | 4.00% | 10.00% | 0.00% | 1.00% |
| 2017 | 55.00% | 23.00% | 3.00% | 10.00% | 0.00% | 1.00% |
| 2018 | 54.46% | 23.76% | 3.96% | 9.90% | 0.00% | 0.99% |
| 2019 | 54.06% | 22.57% | 4.11% | 10.73% | 0.00% | 1.40% |
| 2020 | 52.49% | 23.41% | 5.18% | 10.26% | 0.00% | 0.90% |
| 2021 | 51.21% | 25.80% | 7.34% | 8.79% | 0.00% | 1.16% |
| 2022 | 41.96% | 26.67% | 11.49% | 11.69% | 0.00% | 1.10% |
| 2023 | 42.32% | 25.35% | 14.17% | 10.48% | 0.00% | 0.40% |
| 2024 | 42.04% | 26.93% | 13.91% | 8.71% | 0.00% | 1.20% |
| 2025 | 40.14% | 37.86% | 20.00% | 0.00% | 0.00% | 0.86% |
TFFR: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -7.30% | 9.36% | Not reported |
| 2002 | -8.88% | 3.68% | Not reported |
| 2003 | 2.28% | 1.14% | Not reported |
| 2004 | 19.30% | 2.91% | Not reported |
| 2005 | 13.36% | 3.23% | Not reported |
| 2006 | 14.79% | 7.67% | Not reported |
| 2007 | 20.04% | 13.77% | Not reported |
| 2008 | -7.51% | 11.50% | Not reported |
| 2009 | -27.33% | 0.98% | Not reported |
| 2010 | 13.87% | 1.04% | 2.13% |
| 2011 | 24.21% | 2.65% | 5.13% |
| 2012 | -0.97% | -1.23% | 6.01% |
| 2013 | 13.63% | 2.92% | 7.12% |
| 2014 | 16.53% | 13.07% | 6.84% |
| 2015 | 3.52% | 10.94% | 5.87% |
| 2016 | 0.28% | 6.32% | 4.45% |
| 2017 | 12.92% | 9.18% | 3.81% |
| 2018 | 9.11% | 8.31% | 5.54% |
| 2019 | 5.54% | 6.18% | 9.57% |
| 2020 | 3.45% | 6.17% | 8.53% |
| 2021 | 26.54% | 11.22% | 8.74% |
| 2022 | -6.31% | 7.15% | 8.16% |
| 2023 | 7.48% | 6.83% | 7.57% |
| 2024 | 8.12% | 7.34% | 6.76% |
| 2025 | 11.42% | 8.95% | 7.55% |