US public pension profile
Orange County Employees Retirement System
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 4.6 billion | 30,545 | 94.69% | 8.00% |
| 2002 | USD 4.2 billion | 31,408 | 82.76% | 7.50% |
| 2003 | USD 5.0 billion | 34,029 | 78.53% | 7.50% |
| 2004 | USD 5.6 billion | 33,845 | 70.85% | 7.50% |
| 2005 | USD 6.1 billion | 35,151 | 71.53% | 7.75% |
| 2006 | USD 7.0 billion | 36,901 | 73.77% | 7.75% |
| 2007 | USD 7.9 billion | 38,685 | 74.08% | 7.75% |
| 2008 | USD 6.4 billion | 39,379 | 71.34% | 7.75% |
| 2009 | USD 7.5 billion | 38,970 | 68.77% | 7.75% |
| 2010 | USD 8.5 billion | 38,812 | 69.79% | 7.75% |
| 2011 | USD 8.6 billion | 39,116 | 67.03% | 7.75% |
| 2012 | USD 9.6 billion | 39,618 | 62.52% | 7.25% |
| 2013 | USD 10.8 billion | 40,486 | 65.99% | 7.25% |
| 2014 | USD 11.5 billion | 41,417 | 69.76% | 7.25% |
| 2015 | USD 11.7 billion | 42,426 | 71.72% | 7.25% |
| 2016 | USD 12.8 billion | 43,485 | 73.06% | 7.25% |
| 2017 | USD 14.8 billion | 44,471 | 72.30% | 7.00% |
| 2018 | USD 14.5 billion | 45,629 | 72.42% | 7.00% |
| 2019 | USD 16.7 billion | 47,197 | 73.17% | 7.00% |
| 2020 | USD 18.8 billion | 47,796 | 76.51% | 7.00% |
| 2021 | USD 21.9 billion | 49,075 | 81.15% | 7.00% |
| 2022 | USD 19.7 billion | 50,633 | 81.51% | 7.00% |
| 2023 | USD 21.8 billion | 52,644 | 82.63% | 7.00% |
| 2024 | USD 24.0 billion | 54,485 | 83.83% | 7.00% |
| 2025 | Not reported | Not reported | Not reported | 7.00% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 44.29% | 41.04% | 3.82% | 7.21% | 0.00% | 3.64% |
| 2002 | 43.33% | 39.91% | 3.93% | 8.31% | 0.00% | 4.52% |
| 2003 | 49.78% | 28.57% | 3.06% | 5.03% | 0.00% | 13.57% |
| 2004 | 42.53% | 43.67% | 2.68% | 6.04% | 0.00% | 5.08% |
| 2005 | 46.80% | 37.44% | 2.31% | 7.69% | 4.49% | 1.27% |
| 2006 | 48.12% | 36.83% | 1.93% | 7.69% | 4.14% | 1.29% |
| 2007 | 45.10% | 40.30% | 1.90% | 7.70% | 4.00% | 1.00% |
| 2008 | 31.85% | 34.08% | 2.59% | 9.88% | 7.83% | 1.60% |
| 2009 | 45.06% | 26.88% | 2.33% | 7.33% | 7.05% | 1.27% |
| 2010 | 44.50% | 23.83% | 2.26% | 8.63% | 7.01% | 1.79% |
| 2011 | 40.00% | 24.00% | 3.00% | 10.00% | 7.00% | 0.00% |
| 2012 | 43.00% | 22.00% | 3.00% | 10.00% | 9.00% | 2.00% |
| 2013 | 39.00% | 18.00% | 4.00% | 9.00% | 19.00% | 2.00% |
| 2014 | 38.00% | 17.00% | 4.00% | 9.00% | 22.00% | 2.00% |
| 2015 | 37.00% | 15.00% | 5.00% | 9.00% | 24.00% | 3.00% |
| 2016 | 36.00% | 16.00% | 5.00% | 8.00% | 24.00% | 4.00% |
| 2017 | 40.00% | 13.00% | 9.00% | 0.00% | 19.00% | 3.00% |
| 2018 | 37.00% | 17.00% | 10.00% | 0.00% | 16.00% | 2.00% |
| 2019 | 39.00% | 16.00% | 10.00% | 0.00% | 20.00% | 2.00% |
| 2020 | 47.00% | 12.00% | 11.00% | 0.00% | 17.00% | 2.00% |
| 2021 | 48.00% | 11.00% | 14.00% | 0.00% | 16.00% | 1.00% |
| 2022 | 44.00% | 8.00% | 16.00% | 0.00% | 16.00% | 2.00% |
| 2023 | 46.00% | 14.00% | 16.00% | 0.00% | 8.00% | 1.00% |
| 2024 | 41.00% | 16.00% | 16.00% | 0.00% | 8.00% | 6.00% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -3.22% | 8.83% | Not reported |
| 2002 | -5.46% | 4.27% | Not reported |
| 2003 | 19.84% | 5.55% | Not reported |
| 2004 | 11.40% | 4.76% | Not reported |
| 2005 | 8.83% | 5.86% | Not reported |
| 2006 | 13.55% | 9.30% | Not reported |
| 2007 | 10.75% | 12.81% | Not reported |
| 2008 | -20.71% | 3.87% | Not reported |
| 2009 | 18.52% | 5.16% | Not reported |
| 2010 | 11.70% | 5.71% | 5.78% |
| 2011 | 0.74% | 3.20% | 6.21% |
| 2012 | 12.26% | 3.49% | 8.05% |
| 2013 | 11.14% | 10.72% | 7.24% |
| 2014 | 4.93% | 8.06% | 6.60% |
| 2015 | 0.09% | 5.71% | 5.71% |
| 2016 | 8.52% | 7.10% | 5.23% |
| 2017 | 14.51% | 7.58% | 5.58% |
| 2018 | -1.67% | 5.03% | 7.88% |
| 2019 | 14.41% | 6.91% | 7.50% |
| 2020 | 11.38% | 9.26% | 7.47% |
| 2021 | 16.56% | 10.83% | 9.05% |
| 2022 | -7.84% | 6.12% | 6.92% |
| 2023 | 11.44% | 8.81% | 6.95% |
| 2024 | 9.96% | 7.95% | 7.45% |
| 2025 | Not reported | Not reported | Not reported |