US public pension profile
San Diego County Employees Retirement Association
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 19.7 billion
- Total membership
- 52,065
- Funded ratio
- 80.18%
- Assumed investment return
- 6.50%
Asset allocation in 2025
| Public equity | 49.90% |
|---|---|
| Fixed income | 7.30% |
| Private equity | 3.30% |
| Real estate | 9.80% |
| Hedge funds | 29.00% |
| Cash | 0.00% |
Returns to 2025
| One year | 11.20% |
|---|---|
| Five years | 9.00% |
| Ten years | 7.10% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 3.8 billion | 29,557 | 106.80% | 8.25% |
| 2002 | USD 3.5 billion | 31,256 | 75.40% | 8.25% |
| 2003 | USD 4.1 billion | 32,629 | 75.50% | 8.25% |
| 2004 | USD 5.3 billion | 32,767 | 81.10% | 8.25% |
| 2005 | USD 6.1 billion | 33,089 | 80.30% | 8.25% |
| 2006 | USD 7.1 billion | 34,187 | 83.60% | 8.25% |
| 2007 | USD 8.3 billion | 35,145 | 89.70% | 8.25% |
| 2008 | USD 8.4 billion | 36,179 | 94.44% | 8.25% |
| 2009 | USD 6.2 billion | 36,390 | 91.46% | 8.25% |
| 2010 | USD 6.9 billion | 36,157 | 84.34% | 8.00% |
| 2011 | USD 8.2 billion | 36,144 | 81.49% | 8.00% |
| 2012 | USD 8.5 billion | 36,662 | 78.66% | 8.00% |
| 2013 | USD 9.1 billion | 37,711 | 78.98% | 7.75% |
| 2014 | USD 10.2 billion | 38,930 | 80.92% | 7.75% |
| 2015 | USD 10.3 billion | 40,116 | 80.54% | 7.50% |
| 2016 | USD 10.3 billion | 40,915 | 76.87% | 7.25% |
| 2017 | USD 11.4 billion | 41,900 | 77.43% | 7.25% |
| 2018 | USD 12.3 billion | 42,825 | 78.45% | 7.25% |
| 2019 | USD 12.9 billion | 44,030 | 76.27% | 7.00% |
| 2020 | USD 12.9 billion | 45,157 | 77.31% | 7.00% |
| 2021 | USD 16.1 billion | 45,704 | 80.00% | 7.00% |
| 2022 | USD 14.5 billion | 47,217 | 76.74% | 7.00% |
| 2023 | USD 15.8 billion | 49,310 | 76.35% | 6.50% |
| 2024 | USD 17.6 billion | 51,242 | 77.50% | 6.50% |
| 2025 | USD 19.7 billion | 52,065 | 80.18% | 6.50% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 67.17% | 22.32% | 3.81% | 6.64% | 0.00% | 0.06% |
| 2002 | 66.10% | 22.20% | 4.00% | 7.70% | 0.00% | 0.00% |
| 2003 | 61.00% | 27.40% | 3.80% | 7.80% | 0.00% | 0.00% |
| 2004 | 62.10% | 28.50% | 3.50% | 5.70% | 0.00% | 0.00% |
| 2005 | 57.90% | 29.90% | 3.50% | 5.20% | 0.00% | 0.00% |
| 2006 | 52.50% | 30.70% | 3.30% | 6.20% | 0.00% | 1.30% |
| 2007 | 51.82% | 28.60% | 3.70% | 5.60% | 4.10% | 0.80% |
| 2008 | 43.95% | 33.87% | 4.18% | 7.26% | 4.77% | 0.00% |
| 2009 | 34.49% | 32.41% | 5.20% | 9.00% | 8.60% | 4.70% |
| 2010 | 20.11% | 25.58% | 5.39% | 9.50% | 21.88% | 7.18% |
| 2011 | 20.15% | 41.04% | 7.46% | 6.72% | 16.42% | 0.00% |
| 2012 | 19.20% | 39.20% | 8.00% | 8.80% | 16.00% | 0.00% |
| 2013 | 19.53% | 42.19% | 7.81% | 8.59% | 12.50% | 0.00% |
| 2014 | 21.00% | 22.00% | 9.00% | 10.00% | 24.00% | 3.00% |
| 2015 | 33.40% | 14.20% | 5.70% | 9.50% | 29.20% | 1.80% |
| 2016 | 44.00% | 25.00% | 8.00% | 10.00% | 7.00% | 0.00% |
| 2017 | 47.90% | 23.50% | 7.70% | 8.30% | 5.90% | 0.00% |
| 2018 | 45.80% | 24.20% | 6.70% | 8.80% | 8.10% | 0.00% |
| 2019 | 47.20% | 25.10% | 6.10% | 9.00% | 7.20% | 0.00% |
| 2020 | 50.10% | 25.20% | 5.00% | 8.70% | 6.70% | 0.00% |
| 2021 | 53.30% | 28.90% | 4.10% | 6.20% | 4.60% | 0.00% |
| 2022 | 49.30% | 27.80% | 4.00% | 9.40% | 6.30% | 0.00% |
| 2023 | 52.40% | 26.80% | 4.00% | 8.30% | 6.30% | 0.00% |
| 2024 | 50.65% | 8.01% | 3.10% | 7.31% | 29.33% | 0.00% |
| 2025 | 49.90% | 7.30% | 3.30% | 9.80% | 29.00% | 0.00% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -8.40% | 10.20% | 11.17% |
| 2002 | -4.57% | 5.66% | 9.64% |
| 2003 | 3.72% | 3.37% | 8.39% |
| 2004 | 21.27% | 4.99% | 10.05% |
| 2005 | 13.91% | 4.71% | 10.21% |
| 2006 | 14.68% | 9.47% | 9.84% |
| 2007 | 15.40% | 13.70% | 9.60% |
| 2008 | 0.70% | 13.00% | 8.10% |
| 2009 | -24.40% | 2.80% | 3.90% |
| 2010 | 13.00% | 2.60% | 3.70% |
| 2011 | 20.70% | 3.50% | 6.50% |
| 2012 | 5.89% | 1.78% | 7.56% |
| 2013 | 7.73% | 3.27% | 7.95% |
| 2014 | 13.44% | 12.05% | 7.18% |
| 2015 | 2.68% | 9.90% | 6.08% |
| 2016 | 0.45% | 5.94% | 4.68% |
| 2017 | 12.00% | 7.10% | 4.40% |
| 2018 | 7.90% | 7.20% | 5.20% |
| 2019 | 5.50% | 5.60% | 8.80% |
| 2020 | 1.10% | 5.30% | 7.60% |
| 2021 | 25.00% | 10.00% | 7.90% |
| 2022 | -9.40% | 5.40% | 6.30% |
| 2023 | 9.60% | 5.80% | 6.50% |
| 2024 | 11.30% | 6.90% | 6.30% |
| 2025 | 11.20% | 9.00% | 7.10% |