US public pension profile
Philadelphia 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 9.5 billion
- Funded ratio
- 65.35%
- Assumed investment return
- 7.30%
Asset allocation in 2025
Returns to 2025
| One year | 12.76% |
|---|---|
| Five years | 9.36% |
| Ten years | 7.35% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 4.4 billion | 63,777 | 77.50% | 9.00% |
| 2002 | USD 4.0 billion | 64,109 | 72.70% | 9.00% |
| 2003 | USD 3.8 billion | 64,480 | 63.30% | 9.00% |
| 2004 | USD 4.0 billion | 64,761 | 59.80% | 9.00% |
| 2005 | USD 4.1 billion | 64,237 | 53.00% | 8.75% |
| 2006 | USD 4.3 billion | 64,380 | 51.60% | 8.75% |
| 2007 | USD 4.9 billion | 65,182 | 53.90% | 8.75% |
| 2008 | USD 4.4 billion | 65,883 | 55.00% | 8.75% |
| 2009 | USD 3.4 billion | 65,662 | 45.00% | 8.25% |
| 2010 | USD 3.5 billion | 65,447 | 45.40% | 8.15% |
| 2011 | USD 4.0 billion | 64,349 | 47.30% | 8.10% |
| 2012 | USD 3.9 billion | 64,485 | 45.80% | 7.95% |
| 2013 | USD 4.4 billion | 64,958 | 47.39% | 7.85% |
| 2014 | USD 4.9 billion | 64,822 | 45.76% | 7.85% |
| 2015 | USD 4.7 billion | 65,896 | 45.03% | 7.75% |
| 2016 | USD 4.4 billion | 66,154 | 44.77% | 7.70% |
| 2017 | USD 4.9 billion | 66,321 | 45.31% | 7.65% |
| 2018 | USD 5.3 billion | 66,575 | 48.40% | 7.60% |
| 2019 | USD 5.7 billion | 66,328 | 49.67% | 7.55% |
| 2020 | USD 5.8 billion | 66,016 | 51.86% | 7.50% |
| 2021 | USD 7.4 billion | 64,241 | 54.94% | 7.45% |
| 2022 | USD 6.9 billion | 64,148 | 57.65% | 7.40% |
| 2023 | USD 7.8 billion | 64,369 | 62.23% | 7.35% |
| 2024 | USD 8.6 billion | Not reported | 65.35% | 7.30% |
| 2025 | USD 9.5 billion | Not reported | 65.35% | 7.30% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 49.20% | 35.58% | 3.90% | 0.26% | 10.79% | 0.27% |
| 2002 | 54.74% | 31.51% | 4.30% | 0.19% | 8.77% | 0.49% |
| 2003 | 56.10% | 29.21% | 4.62% | 0.10% | 9.50% | 0.47% |
| 2004 | 55.10% | 27.32% | 5.57% | 0.03% | 11.55% | 0.43% |
| 2005 | 59.34% | 20.61% | 5.87% | 0.30% | 11.44% | 2.45% |
| 2006 | 51.03% | 22.78% | 6.86% | 0.08% | 19.06% | 0.19% |
| 2007 | 51.44% | 24.07% | 0.00% | 1.83% | 15.42% | 0.56% |
| 2008 | 42.13% | 30.67% | 8.99% | 3.04% | 5.19% | 0.55% |
| 2009 | 40.41% | 32.55% | 11.64% | 2.98% | 11.42% | 1.01% |
| 2010 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2011 | 41.37% | 29.38% | 12.69% | 3.01% | 13.08% | 0.46% |
| 2012 | 34.33% | 29.22% | 13.59% | 4.40% | 14.47% | 2.36% |
| 2013 | 45.62% | 25.37% | 11.60% | 0.00% | 7.84% | 3.46% |
| 2014 | 45.43% | 22.20% | 9.91% | 0.00% | 10.90% | 2.64% |
| 2015 | 45.41% | 26.67% | 9.35% | 0.00% | 10.06% | 1.27% |
| 2016 | 48.36% | 27.18% | 9.86% | 0.00% | 6.41% | 0.42% |
| 2017 | 56.56% | 22.22% | 8.81% | 0.00% | 1.40% | 1.20% |
| 2018 | 55.86% | 18.82% | 8.31% | 0.00% | 0.70% | 1.10% |
| 2019 | 53.60% | 17.10% | 8.10% | 0.00% | 0.50% | 3.00% |
| 2020 | 51.15% | 16.68% | 9.89% | 0.00% | 0.40% | 5.69% |
| 2021 | 58.16% | 13.81% | 10.21% | 0.00% | 0.50% | 3.80% |
| 2022 | 49.90% | 14.10% | 14.30% | 0.00% | 0.40% | 6.10% |
| 2023 | 54.86% | 14.21% | 13.41% | 0.00% | 0.40% | 4.90% |
| 2024 | 50.78% | 14.04% | 10.03% | 5.38% | 0.36% | 5.29% |
| 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 | -6.00% | Not reported | Not reported |
| 2002 | -5.80% | Not reported | Not reported |
| 2003 | 1.80% | Not reported | Not reported |
| 2004 | 16.60% | Not reported | Not reported |
| 2005 | 9.90% | 2.93% | Not reported |
| 2006 | 11.30% | 6.46% | Not reported |
| 2007 | 17.00% | 11.18% | Not reported |
| 2008 | -4.50% | 9.77% | Not reported |
| 2009 | -19.90% | 1.83% | Not reported |
| 2010 | 13.80% | 2.54% | 2.73% |
| 2011 | 19.40% | 3.99% | 5.22% |
| 2012 | 0.20% | 0.82% | 5.87% |
| 2013 | 10.90% | 3.88% | 6.78% |
| 2014 | 15.70% | 11.80% | 6.70% |
| 2015 | 0.29% | 9.01% | 5.73% |
| 2016 | -3.20% | 4.53% | 4.26% |
| 2017 | 13.68% | 7.20% | 3.96% |
| 2018 | 8.83% | 6.80% | 5.33% |
| 2019 | 6.48% | 5.04% | 8.37% |
| 2020 | 1.89% | 5.38% | 7.18% |
| 2021 | 28.23% | 11.47% | 7.95% |
| 2022 | -7.50% | 6.97% | 7.09% |
| 2023 | 7.60% | 6.80% | 6.90% |
| 2024 | 8.70% | 7.50% | 6.30% |
| 2025 | 12.76% | 9.36% | 7.35% |