US public pension profile· PA SERS
Pennsylvania State Employees’ Retirement System
Funding, investment choices and long-term returns.
Pennsylvania ·Fiscal year 2025
PA SERS: fiscal year 2025 at a glance
- Market value of assets
- USD 42.6 billion
- Total membership
- 287,399
- Funded ratio
- 71.70%
- Assumed investment return
- 6.88%
Asset allocation in 2025
| Public equity | 54.30% |
|---|---|
| Fixed income | 21.10% |
| Private equity | 15.70% |
| Real estate | 5.00% |
| Hedge funds | 0.80% |
| Cash | 3.10% |
Returns to 2025
| One year | 13.70% |
|---|---|
| Five years | 7.60% |
| Ten years | 8.30% |
PA SERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 24.7 billion | 203,810 | 116.30% | 8.50% |
| 2002 | USD 20.9 billion | 207,503 | 107.20% | 8.50% |
| 2003 | USD 24.5 billion | 209,171 | 104.90% | 8.50% |
| 2004 | USD 26.6 billion | 212,740 | 96.10% | 8.50% |
| 2005 | USD 28.8 billion | 216,621 | 92.90% | 8.50% |
| 2006 | USD 32.1 billion | 218,875 | 92.70% | 8.50% |
| 2007 | USD 35.5 billion | 222,432 | 97.10% | 8.50% |
| 2008 | USD 22.8 billion | 225,021 | 89.00% | 8.00% |
| 2009 | USD 24.7 billion | 225,936 | 84.40% | 8.00% |
| 2010 | USD 25.9 billion | 227,294 | 75.20% | 8.00% |
| 2011 | USD 24.4 billion | 228,552 | 65.30% | 7.50% |
| 2012 | USD 25.4 billion | 229,834 | 58.80% | 7.50% |
| 2013 | USD 27.4 billion | 231,633 | 59.20% | 7.50% |
| 2014 | USD 27.3 billion | 233,734 | 59.41% | 7.50% |
| 2015 | USD 26.1 billion | 236,632 | 58.01% | 7.50% |
| 2016 | USD 26.4 billion | 239,103 | 58.07% | 7.50% |
| 2017 | USD 29.4 billion | 239,266 | 59.41% | 7.25% |
| 2018 | USD 26.9 billion | 241,044 | 55.98% | 7.25% |
| 2019 | USD 31.1 billion | 242,333 | 56.51% | 7.12% |
| 2020 | USD 35.0 billion | 241,152 | 59.35% | 7.00% |
| 2021 | USD 40.2 billion | 239,454 | 69.62% | 7.00% |
| 2022 | USD 33.6 billion | 239,230 | 67.98% | 6.88% |
| 2023 | USD 36.4 billion | 242,164 | 69.55% | 6.88% |
| 2024 | USD 38.7 billion | 287,570 | 70.26% | 6.88% |
| 2025 | USD 42.6 billion | 287,399 | 71.70% | 6.88% |
PA SERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 55.86% | 17.52% | 10.01% | 10.31% | 4.90% | 0.30% |
| 2002 | 54.69% | 19.96% | 11.68% | 11.58% | 0.00% | 0.50% |
| 2003 | 60.44% | 16.78% | 10.79% | 9.09% | 0.00% | 0.90% |
| 2004 | 58.78% | 21.46% | 11.08% | 8.08% | 0.00% | 0.60% |
| 2005 | 54.90% | 23.40% | 12.60% | 6.80% | 0.00% | 2.10% |
| 2006 | 56.30% | 21.40% | 13.20% | 7.90% | 0.00% | 1.20% |
| 2007 | 45.20% | 21.20% | 15.60% | 8.60% | 9.40% | 0.00% |
| 2008 | 33.30% | 20.70% | 21.50% | 10.70% | 10.50% | 3.30% |
| 2009 | 25.40% | 18.20% | 24.30% | 8.10% | 22.70% | 1.30% |
| 2010 | 27.60% | 19.10% | 26.00% | 9.10% | 15.20% | 3.00% |
| 2011 | 28.90% | 22.50% | 26.80% | 10.60% | 8.10% | 3.10% |
| 2012 | 33.70% | 15.30% | 24.40% | 16.40% | 7.80% | 2.40% |
| 2013 | 35.66% | 14.68% | 22.38% | 15.58% | 6.89% | 4.80% |
| 2014 | 36.50% | 16.20% | 19.90% | 15.40% | 6.30% | 5.70% |
| 2015 | 38.70% | 16.50% | 18.00% | 13.80% | 6.40% | 6.60% |
| 2016 | 46.30% | 16.40% | 15.90% | 8.60% | 7.80% | 5.00% |
| 2017 | 53.00% | 14.50% | 13.90% | 7.50% | 7.90% | 3.20% |
| 2018 | 51.60% | 14.80% | 14.50% | 7.30% | 9.00% | 2.80% |
| 2019 | 55.20% | 14.10% | 13.10% | 6.90% | 6.00% | 4.70% |
| 2020 | 43.10% | 31.30% | 14.70% | 7.40% | 2.00% | 1.50% |
| 2021 | 47.40% | 24.30% | 16.00% | 7.40% | 2.70% | 2.20% |
| 2022 | 47.30% | 21.70% | 19.50% | 8.50% | 1.30% | 1.70% |
| 2023 | 50.70% | 20.60% | 19.30% | 6.50% | 1.10% | 1.80% |
| 2024 | 50.10% | 20.60% | 17.40% | 5.70% | 0.90% | 5.30% |
| 2025 | 54.30% | 21.10% | 15.70% | 5.00% | 0.80% | 3.10% |
PA SERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -7.90% | 9.20% | 10.50% |
| 2002 | -10.90% | 3.20% | 8.40% |
| 2003 | 24.30% | 4.60% | 9.40% |
| 2004 | 15.10% | 3.70% | 11.10% |
| 2005 | 14.50% | 6.10% | 10.10% |
| 2006 | 16.40% | 11.20% | 10.20% |
| 2007 | 17.20% | 17.50% | 10.10% |
| 2008 | -28.70% | 5.10% | 4.90% |
| 2009 | 9.10% | 4.00% | 3.90% |
| 2010 | 11.90% | 3.50% | 4.80% |
| 2011 | 2.70% | 1.00% | 6.00% |
| 2012 | 12.00% | 0.02% | 8.40% |
| 2013 | 13.60% | 9.80% | 7.40% |
| 2014 | 6.40% | 9.20% | 6.60% |
| 2015 | 0.40% | 6.90% | 5.20% |
| 2016 | 6.50% | 7.70% | 4.30% |
| 2017 | 15.10% | 8.30% | 4.10% |
| 2018 | -4.60% | 4.50% | 7.10% |
| 2019 | 18.80% | 6.90% | 8.10% |
| 2020 | 11.10% | 9.10% | 8.00% |
| 2021 | 17.20% | 11.20% | 9.40% |
| 2022 | -5.70% | 7.00% | 7.40% |
| 2023 | 6.90% | 6.60% | 7.10% |
| 2024 | 9.80% | 7.50% | 6.60% |
| 2025 | 13.70% | 7.60% | 8.30% |