US public pension profile
Phoenix Employees' Retirement System
Funding, investment choices and long-term returns.
Arizona ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 3.9 billion
- Total membership
- 21,612
- Funded ratio
- 74.65%
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
| One year | 8.59% |
|---|---|
| Five years | 7.52% |
| Ten years | 6.43% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.3 billion | 12,430 | 102.50% | 8.00% |
| 2002 | USD 1.2 billion | 12,855 | 91.60% | 8.00% |
| 2003 | USD 1.3 billion | 12,931 | 88.50% | 8.00% |
| 2004 | USD 1.4 billion | 13,294 | 84.20% | 8.00% |
| 2005 | USD 1.5 billion | 13,566 | 84.20% | 8.00% |
| 2006 | USD 1.7 billion | 14,019 | 81.30% | 8.00% |
| 2007 | USD 1.9 billion | 14,541 | 83.90% | 8.00% |
| 2008 | USD 1.8 billion | 14,825 | 79.10% | 8.00% |
| 2009 | USD 1.4 billion | 14,734 | 75.30% | 8.00% |
| 2010 | USD 1.5 billion | 14,534 | 69.30% | 8.00% |
| 2011 | USD 1.8 billion | 14,440 | 66.70% | 8.00% |
| 2012 | USD 1.8 billion | 14,611 | 62.20% | 8.00% |
| 2013 | USD 2.0 billion | 14,702 | 64.20% | 8.00% |
| 2014 | USD 2.2 billion | 14,837 | 58.67% | 8.00% |
| 2015 | USD 2.2 billion | 15,052 | 55.41% | 7.50% |
| 2016 | USD 2.2 billion | 15,553 | 57.31% | 7.50% |
| 2017 | USD 2.4 billion | 15,935 | 58.18% | 7.25% |
| 2018 | USD 2.6 billion | 16,058 | 60.64% | 7.25% |
| 2019 | USD 2.7 billion | 16,317 | 60.82% | 7.25% |
| 2020 | USD 2.7 billion | 16,562 | 63.69% | 7.00% |
| 2021 | USD 3.4 billion | 16,609 | 70.70% | 7.00% |
| 2022 | USD 3.2 billion | 16,827 | 71.17% | 7.00% |
| 2023 | USD 3.4 billion | 17,542 | 72.02% | 7.00% |
| 2024 | USD 3.6 billion | 20,988 | 72.62% | 7.00% |
| 2025 | USD 3.9 billion | 21,612 | 74.65% | 7.00% |
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 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2003 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2004 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2005 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2006 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2007 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2008 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2009 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2010 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2011 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2012 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2013 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2014 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2015 | 43.24% | 22.89% | 0.36% | 12.65% | 11.66% | 1.73% |
| 2016 | 42.30% | 22.60% | 1.70% | 14.60% | 11.20% | 0.20% |
| 2017 | 44.40% | 19.90% | 3.30% | 13.40% | 10.90% | 0.70% |
| 2018 | 44.07% | 29.70% | 4.42% | 13.52% | 4.77% | 3.51% |
| 2019 | 36.34% | 32.63% | 5.71% | 13.41% | 10.61% | 1.30% |
| 2020 | 35.76% | 32.67% | 6.19% | 13.39% | 9.89% | 2.10% |
| 2021 | 42.84% | 26.43% | 6.91% | 13.11% | 7.01% | 3.70% |
| 2022 | 36.54% | 24.72% | 8.11% | 18.32% | 7.21% | 5.10% |
| 2023 | 39.40% | 24.50% | 7.60% | 14.50% | 7.20% | 2.50% |
| 2024 | 41.06% | 13.89% | 7.69% | 13.19% | 15.18% | 3.90% |
| 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 | -1.40% | 9.80% | Not reported |
| 2002 | -6.40% | 5.10% | Not reported |
| 2003 | 3.30% | 2.30% | Not reported |
| 2004 | 16.00% | 3.70% | Not reported |
| 2005 | 8.60% | 3.70% | Not reported |
| 2006 | 9.00% | 5.80% | Not reported |
| 2007 | 16.50% | 10.60% | Not reported |
| 2008 | -5.10% | 8.70% | Not reported |
| 2009 | -20.40% | 0.80% | Not reported |
| 2010 | 10.30% | 1.10% | 2.43% |
| 2011 | 21.30% | 3.30% | 4.57% |
| 2012 | -0.18% | 0.18% | 5.24% |
| 2013 | 11.35% | 3.45% | 6.04% |
| 2014 | 15.88% | 11.52% | 6.03% |
| 2015 | 2.64% | 9.92% | 5.43% |
| 2016 | 0.90% | 6.00% | 4.62% |
| 2017 | 11.50% | 8.00% | 4.16% |
| 2018 | 7.10% | 7.20% | 5.43% |
| 2019 | 6.20% | 5.40% | 8.51% |
| 2020 | 1.40% | 5.20% | 7.30% |
| 2021 | 22.80% | 9.50% | 7.50% |
| 2022 | -4.70% | 6.10% | 7.00% |
| 2023 | 5.40% | 5.80% | 6.50% |
| 2024 | 7.30% | 6.10% | 5.70% |
| 2025 | 8.59% | 7.52% | 6.43% |