US public pension profile
San Diego City Employees' Retirement System
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 12.3 billion
- Total membership
- 25,636
- Funded ratio
- 76.13%
- Assumed investment return
- 6.50%
Asset allocation in 2025
| Public equity | 42.70% |
|---|---|
| Fixed income | 28.40% |
| Private equity | 11.40% |
| Real estate | 9.70% |
| Hedge funds | 3.40% |
| Cash | 1.50% |
Returns to 2025
| One year | 9.40% |
|---|---|
| Five years | 8.60% |
| Ten years | 7.40% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 2.6 billion | 16,342 | 89.90% | 8.00% |
| 2002 | USD 2.5 billion | 17,051 | 77.30% | 8.00% |
| 2003 | USD 2.5 billion | 17,290 | 67.20% | 8.00% |
| 2004 | USD 3.1 billion | 17,356 | 65.80% | 8.00% |
| 2005 | USD 3.5 billion | 17,429 | 68.20% | 8.00% |
| 2006 | USD 4.0 billion | 17,647 | 79.90% | 8.00% |
| 2007 | USD 4.7 billion | 17,779 | 78.80% | 8.00% |
| 2008 | USD 4.4 billion | 18,170 | 78.10% | 7.75% |
| 2009 | USD 3.4 billion | 18,469 | 66.50% | 7.75% |
| 2010 | USD 3.8 billion | 18,575 | 67.10% | 7.75% |
| 2011 | USD 4.8 billion | 18,588 | 68.50% | 7.50% |
| 2012 | USD 4.7 billion | 19,735 | 68.60% | 7.50% |
| 2013 | USD 5.3 billion | 19,975 | 70.40% | 7.25% |
| 2014 | USD 6.8 billion | 19,014 | 74.17% | 7.25% |
| 2015 | USD 6.9 billion | 19,048 | 75.61% | 7.25% |
| 2016 | USD 6.8 billion | 19,067 | 71.62% | 7.00% |
| 2017 | USD 7.6 billion | 19,007 | 71.18% | 6.75% |
| 2018 | USD 8.1 billion | 18,912 | 70.78% | 6.50% |
| 2019 | USD 8.4 billion | 18,867 | 71.64% | 6.50% |
| 2020 | USD 8.3 billion | 18,842 | 70.23% | 6.50% |
| 2021 | USD 10.3 billion | 18,773 | 74.28% | 6.50% |
| 2022 | USD 10.0 billion | 19,519 | 76.03% | 6.50% |
| 2023 | USD 10.6 billion | 23,930 | 74.29% | 6.50% |
| 2024 | USD 11.3 billion | 25,110 | 74.72% | 6.50% |
| 2025 | USD 12.3 billion | 25,636 | 76.13% | 6.50% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 52.00% | 29.00% | 0.00% | 10.00% | 0.00% | 9.00% |
| 2002 | 51.90% | 28.00% | 0.00% | 10.50% | 0.00% | 9.60% |
| 2003 | 55.30% | 35.90% | 0.00% | 8.70% | 0.00% | 0.10% |
| 2004 | 55.16% | 36.14% | 0.00% | 8.61% | 0.00% | 0.10% |
| 2005 | 54.20% | 36.70% | 0.00% | 9.00% | 0.00% | 0.10% |
| 2006 | 54.20% | 36.70% | 0.00% | 9.00% | 0.00% | 0.10% |
| 2007 | 58.20% | 32.80% | 0.00% | 9.00% | 0.00% | 0.00% |
| 2008 | 53.80% | 36.00% | 0.00% | 10.20% | 0.00% | 0.00% |
| 2009 | 54.10% | 29.50% | 0.00% | 9.30% | 6.70% | 0.40% |
| 2010 | 55.30% | 28.70% | 0.90% | 8.60% | 4.60% | 1.90% |
| 2011 | 54.50% | 28.80% | 1.70% | 9.90% | 0.60% | 4.50% |
| 2012 | 54.44% | 30.64% | 2.91% | 10.15% | 0.05% | 1.41% |
| 2013 | 56.10% | 27.20% | 4.30% | 9.60% | 0.00% | 2.20% |
| 2014 | 51.20% | 28.10% | 5.50% | 9.60% | 2.20% | 2.70% |
| 2015 | 48.40% | 27.10% | 10.60% | 10.00% | 2.60% | 1.30% |
| 2016 | 44.40% | 27.50% | 12.70% | 10.40% | 3.30% | 1.70% |
| 2017 | 45.00% | 26.60% | 14.80% | 9.30% | 3.10% | 1.20% |
| 2018 | 44.50% | 27.30% | 13.60% | 9.00% | 3.40% | 2.20% |
| 2019 | 42.50% | 27.40% | 14.10% | 10.00% | 4.50% | 1.50% |
| 2020 | 39.50% | 27.20% | 13.60% | 11.40% | 6.30% | 2.00% |
| 2021 | 43.80% | 23.70% | 14.20% | 9.30% | 6.40% | 2.60% |
| 2022 | 37.50% | 24.90% | 17.50% | 11.20% | 7.50% | 1.40% |
| 2023 | 38.70% | 27.70% | 12.20% | 11.10% | 5.80% | 1.70% |
| 2024 | 42.50% | 26.60% | 12.80% | 9.80% | 3.90% | 1.40% |
| 2025 | 42.70% | 28.40% | 11.40% | 9.70% | 3.40% | 1.50% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -0.45% | 10.92% | Not reported |
| 2002 | -2.48% | 6.97% | Not reported |
| 2003 | 5.44% | 5.21% | 8.78% |
| 2004 | 20.21% | 7.18% | 10.65% |
| 2005 | 10.80% | 6.35% | 10.23% |
| 2006 | 12.73% | 9.09% | 10.00% |
| 2007 | 16.50% | 13.02% | 9.96% |
| 2008 | -4.66% | 10.77% | 7.96% |
| 2009 | -19.20% | 2.30% | 4.60% |
| 2010 | 13.40% | 2.80% | 4.50% |
| 2011 | 24.20% | 4.80% | 6.90% |
| 2012 | 0.90% | 1.80% | 7.30% |
| 2013 | 13.60% | 5.50% | 8.10% |
| 2014 | 16.80% | 13.50% | 7.80% |
| 2015 | 3.30% | 11.40% | 7.00% |
| 2016 | 1.10% | 6.90% | 5.90% |
| 2017 | 13.50% | 9.50% | 5.60% |
| 2018 | 8.20% | 8.40% | 6.90% |
| 2019 | 7.00% | 6.60% | 10.00% |
| 2020 | 0.50% | 6.10% | 8.60% |
| 2021 | 24.90% | 10.70% | 8.70% |
| 2022 | -1.70% | 7.50% | 8.50% |
| 2023 | 5.20% | 6.80% | 7.70% |
| 2024 | 7.20% | 6.80% | 6.70% |
| 2025 | 9.40% | 8.60% | 7.40% |