US public pension profile
Pennsylvania Municipal Retirement System
Funding, investment choices and long-term returns.
Pennsylvania ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 4.0 billion
- Total membership
- 18,486
- Funded ratio
- 101.65%
- Assumed investment return
- 5.50%
Asset allocation in 2025
| Public equity | 58.30% |
|---|---|
| Fixed income | 27.80% |
| Private equity | 0.00% |
| Real estate | 0.00% |
| Hedge funds | 0.00% |
| Cash | 1.80% |
Returns to 2025
| One year | 14.10% |
|---|---|
| Five years | 6.40% |
| Ten years | 8.60% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.0 billion | 11,166 | Not reported | 6.50% |
| 2002 | USD 0.9 billion | 11,719 | 113.60% | 6.50% |
| 2003 | USD 1.1 billion | 11,548 | Not reported | 6.50% |
| 2004 | USD 1.2 billion | 12,162 | 105.60% | 6.50% |
| 2005 | USD 1.3 billion | 12,342 | Not reported | 6.00% |
| 2006 | USD 1.5 billion | 12,367 | 104.20% | 6.00% |
| 2007 | USD 1.6 billion | 12,558 | 105.90% | 6.00% |
| 2008 | USD 1.2 billion | 12,811 | 106.10% | 6.00% |
| 2009 | USD 1.4 billion | 12,936 | 103.80% | 6.00% |
| 2010 | USD 1.5 billion | 13,028 | 102.40% | 6.00% |
| 2011 | USD 1.5 billion | 12,974 | 103.80% | 6.00% |
| 2012 | USD 1.7 billion | 13,130 | 99.10% | 5.50% |
| 2013 | USD 2.0 billion | 13,386 | 98.40% | 5.50% |
| 2014 | USD 2.0 billion | 13,475 | 100.70% | 5.50% |
| 2015 | USD 2.0 billion | 13,937 | 100.11% | 5.50% |
| 2016 | USD 2.2 billion | 14,289 | 97.82% | 5.50% |
| 2017 | USD 2.5 billion | 14,606 | 100.15% | 5.25% |
| 2018 | USD 2.3 billion | 15,031 | 100.35% | 5.25% |
| 2019 | USD 2.8 billion | 15,334 | 101.17% | 5.25% |
| 2020 | USD 3.2 billion | 15,584 | 99.86% | 5.25% |
| 2021 | USD 3.5 billion | 16,355 | 100.24% | 5.25% |
| 2022 | USD 3.0 billion | 17,379 | 98.56% | 5.25% |
| 2023 | USD 3.3 billion | 18,181 | 98.84% | 5.25% |
| 2024 | USD 3.5 billion | 18,486 | 101.65% | 5.50% |
| 2025 | USD 4.0 billion | 18,486 | 101.65% | 5.50% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2002 | 59.56% | 25.12% | 0.00% | 11.71% | 0.00% | 3.60% |
| 2003 | 65.90% | 22.40% | 0.00% | 10.10% | 0.00% | 1.60% |
| 2004 | 66.07% | 22.92% | 0.00% | 9.41% | 0.00% | 1.60% |
| 2005 | 67.37% | 23.82% | 0.00% | 6.51% | 0.00% | 2.30% |
| 2006 | 69.33% | 22.58% | 0.00% | 6.69% | 0.00% | 1.40% |
| 2007 | 65.70% | 22.50% | 0.00% | 9.40% | 0.00% | 2.40% |
| 2008 | 60.06% | 22.62% | 0.00% | 14.92% | 0.00% | 2.40% |
| 2009 | 67.20% | 19.10% | 0.00% | 11.20% | 0.00% | 2.50% |
| 2010 | 66.10% | 17.89% | 0.00% | 8.05% | 0.00% | 3.28% |
| 2011 | 62.70% | 20.20% | 0.00% | 11.00% | 0.00% | 1.50% |
| 2012 | 62.80% | 19.50% | 0.00% | 10.70% | 0.00% | 2.80% |
| 2013 | 68.43% | 13.99% | 0.00% | 10.59% | 0.00% | 2.30% |
| 2014 | 66.50% | 14.70% | 0.00% | 11.90% | 0.00% | 2.70% |
| 2015 | 66.20% | 14.10% | 0.00% | 12.40% | 0.00% | 1.70% |
| 2016 | 64.90% | 13.10% | 0.00% | 13.50% | 0.00% | 2.30% |
| 2017 | 66.40% | 13.90% | 0.00% | 12.20% | 0.00% | 2.10% |
| 2018 | 61.80% | 14.70% | 0.00% | 14.80% | 0.00% | 2.80% |
| 2019 | 66.20% | 14.40% | 0.00% | 13.10% | 0.00% | 1.60% |
| 2020 | 69.20% | 12.60% | 0.00% | 11.60% | 0.00% | 2.60% |
| 2021 | 60.14% | 23.28% | 0.00% | 11.79% | 0.00% | 1.00% |
| 2022 | 52.40% | 27.50% | 0.00% | 0.00% | 0.00% | 1.30% |
| 2023 | 55.90% | 26.60% | 0.00% | 0.00% | 0.00% | 1.60% |
| 2024 | 57.40% | 27.10% | 0.00% | 0.00% | 0.00% | 1.50% |
| 2025 | 58.30% | 27.80% | 0.00% | 0.00% | 0.00% | 1.80% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -3.90% | Not reported | Not reported |
| 2002 | -8.90% | 3.90% | Not reported |
| 2003 | 23.70% | 5.00% | Not reported |
| 2004 | 13.10% | 4.50% | Not reported |
| 2005 | 8.60% | 5.90% | Not reported |
| 2006 | 12.60% | 9.20% | Not reported |
| 2007 | 8.20% | 13.10% | Not reported |
| 2008 | -24.80% | 2.40% | Not reported |
| 2009 | 18.80% | 3.40% | Not reported |
| 2010 | 13.80% | 4.40% | 5.10% |
| 2011 | -1.90% | 1.50% | 5.30% |
| 2012 | 13.20% | 2.50% | 7.70% |
| 2013 | 19.40% | 12.40% | 7.30% |
| 2014 | 5.70% | 9.80% | 6.60% |
| 2015 | 0.10% | 7.10% | 5.70% |
| 2016 | 8.70% | 9.20% | 5.40% |
| 2017 | 18.40% | 10.20% | 6.30% |
| 2018 | -4.10% | 5.50% | 8.90% |
| 2019 | 21.10% | 8.40% | 9.10% |
| 2020 | 14.70% | 11.40% | 9.20% |
| 2021 | 13.20% | 11.90% | 10.30% |
| 2022 | -12.80% | 5.30% | 7.50% |
| 2023 | 10.80% | 8.50% | 6.80% |
| 2024 | 9.20% | 6.40% | 7.10% |
| 2025 | 14.10% | 6.40% | 8.60% |