US public pension profile· PSERS
Public School Employees’ Retirement System of Pennsylvania
Funding, investment choices and long-term returns.
Pennsylvania ·Fiscal year 2025
PSERS: fiscal year 2025 at a glance
- Market value of assets
- USD 82.6 billion
- Funded ratio
- 66.64%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 0.00% |
|---|---|
| Fixed income | 49.42% |
| Private equity | 18.17% |
| Real estate | 14.97% |
| Hedge funds | 0.00% |
| Cash | 0.00% |
Returns to 2025
| One year | 9.67% |
|---|---|
| Five years | 9.36% |
| Ten years | 7.48% |
PSERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 48.1 billion | 430,006 | 114.40% | 8.50% |
| 2002 | USD 43.5 billion | 445,325 | 104.80% | 8.50% |
| 2003 | USD 42.3 billion | 457,846 | 97.20% | 8.50% |
| 2004 | USD 48.3 billion | 471,467 | 91.20% | 8.50% |
| 2005 | USD 51.9 billion | 470,704 | 83.60% | 8.50% |
| 2006 | USD 57.2 billion | 519,234 | 81.20% | 8.50% |
| 2007 | USD 67.3 billion | 541,235 | 85.80% | 8.50% |
| 2008 | USD 62.5 billion | 547,033 | 86.00% | 8.25% |
| 2009 | USD 43.0 billion | 561,469 | 79.20% | 8.00% |
| 2010 | USD 45.6 billion | 578,906 | 75.10% | 8.00% |
| 2011 | USD 51.2 billion | 588,876 | 69.10% | 7.50% |
| 2012 | USD 48.5 billion | 492,640 | 66.30% | 7.50% |
| 2013 | USD 49.0 billion | 495,543 | 63.80% | 7.50% |
| 2014 | USD 53.0 billion | 497,679 | 61.97% | 7.50% |
| 2015 | USD 51.6 billion | 501,552 | 60.52% | 7.50% |
| 2016 | USD 49.8 billion | 505,345 | 57.27% | 7.25% |
| 2017 | USD 53.2 billion | 510,474 | 56.30% | 7.25% |
| 2018 | USD 56.4 billion | 514,767 | 56.45% | 7.25% |
| 2019 | USD 58.7 billion | 518,602 | 58.05% | 7.25% |
| 2020 | USD 58.6 billion | 521,763 | 59.16% | 7.25% |
| 2021 | USD 72.0 billion | 517,822 | 59.58% | 7.25% |
| 2022 | USD 70.5 billion | 522,130 | 61.71% | 7.00% |
| 2023 | USD 72.1 billion | 527,320 | 63.70% | 7.00% |
| 2024 | USD 76.5 billion | 535,045 | 64.88% | 7.00% |
| 2025 | USD 82.6 billion | Not reported | 66.64% | 7.00% |
PSERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 60.70% | 31.50% | 4.50% | 3.30% | 0.00% | 0.00% |
| 2002 | 56.90% | 31.20% | 6.60% | 5.30% | 0.00% | 0.00% |
| 2003 | 62.50% | 23.10% | 8.50% | 5.90% | 0.00% | 0.00% |
| 2004 | 61.60% | 22.10% | 9.60% | 6.70% | 0.00% | 0.00% |
| 2005 | 61.50% | 22.00% | 9.50% | 7.00% | 0.00% | 0.00% |
| 2006 | 62.15% | 21.91% | 8.96% | 6.97% | 0.00% | 0.00% |
| 2007 | 60.30% | 20.50% | 8.70% | 8.00% | 0.00% | 0.00% |
| 2008 | 51.60% | 20.80% | 12.80% | 9.70% | 0.00% | 0.00% |
| 2009 | 32.40% | 28.60% | 17.40% | 9.90% | 7.50% | 0.00% |
| 2010 | 28.40% | 27.20% | 20.40% | 9.10% | 11.20% | 0.00% |
| 2011 | 26.60% | 27.00% | 20.80% | 10.70% | 10.30% | 0.00% |
| 2012 | 23.00% | 23.20% | 22.50% | 12.80% | 14.10% | 0.00% |
| 2013 | 19.40% | 23.70% | 24.70% | 14.10% | 14.50% | 0.00% |
| 2014 | 19.60% | 23.60% | 24.70% | 14.20% | 13.90% | 0.00% |
| 2015 | 24.40% | 22.70% | 19.40% | 12.90% | 16.60% | 0.00% |
| 2016 | 19.11% | 27.84% | 17.97% | 10.30% | 17.01% | 0.00% |
| 2017 | 18.16% | 30.35% | 16.80% | 9.97% | 16.45% | 0.00% |
| 2018 | 17.91% | 31.53% | 16.54% | 8.40% | 17.14% | 0.00% |
| 2019 | 14.30% | 34.55% | 16.87% | 8.79% | 16.43% | 0.00% |
| 2020 | 14.54% | 35.99% | 14.89% | 8.78% | 16.31% | 0.00% |
| 2021 | 22.13% | 28.32% | 15.76% | 8.83% | 7.56% | 0.00% |
| 2022 | 20.92% | 29.60% | 16.12% | 9.80% | 6.03% | 0.00% |
| 2023 | 25.98% | 30.66% | 17.58% | 9.86% | 6.84% | 0.00% |
| 2024 | 26.19% | 29.52% | 15.33% | 11.91% | 1.81% | 4.19% |
| 2025 | 0.00% | 49.42% | 18.17% | 14.97% | 0.00% | 0.00% |
PSERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -7.20% | 10.10% | Not reported |
| 2002 | -5.25% | 5.07% | Not reported |
| 2003 | 2.74% | 2.57% | Not reported |
| 2004 | 19.67% | 3.88% | Not reported |
| 2005 | 12.87% | 4.02% | Not reported |
| 2006 | 15.26% | 8.67% | Not reported |
| 2007 | 22.93% | 14.48% | Not reported |
| 2008 | -2.82% | 13.21% | Not reported |
| 2009 | -26.54% | 2.68% | 3.28% |
| 2010 | 14.59% | 2.99% | 3.51% |
| 2011 | 20.37% | 3.89% | 6.25% |
| 2012 | 3.43% | 0.37% | 7.19% |
| 2013 | 7.96% | 2.50% | 7.72% |
| 2014 | 14.91% | 12.09% | 7.28% |
| 2015 | 3.04% | 9.73% | 6.31% |
| 2016 | 1.29% | 6.01% | 4.94% |
| 2017 | 10.14% | 7.35% | 3.80% |
| 2018 | 9.27% | 7.62% | 5.03% |
| 2019 | 6.68% | 6.04% | 9.02% |
| 2020 | 1.11% | 5.64% | 7.70% |
| 2021 | 24.58% | 10.10% | 8.04% |
| 2022 | 2.23% | 8.46% | 7.91% |
| 2023 | 3.54% | 7.30% | 7.46% |
| 2024 | 8.14% | 7.60% | 6.82% |
| 2025 | 9.67% | 9.36% | 7.48% |