US public pension profile· ERS Texas
Employees Retirement System of Texas
Funding, investment choices and long-term returns.
Texas ·Fiscal year 2025
ERS Texas: fiscal year 2025 at a glance
- Market value of assets
- USD 40.1 billion
- Total membership
- 447,405
- Funded ratio
- 74.42%
- Assumed investment return
- 7.00%
Asset allocation in 2025
| Public equity | 52.26% |
|---|---|
| Fixed income | 10.99% |
| Private equity | 0.00% |
| Real estate | 0.00% |
| Hedge funds | 5.68% |
| Cash | 12.85% |
Returns to 2025
| One year | 8.90% |
|---|---|
| Five years | 10.06% |
| Ten years | 8.67% |
ERS Texas: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 18.1 billion | 242,364 | 104.90% | 8.00% |
| 2002 | USD 16.4 billion | 249,401 | 102.50% | 8.00% |
| 2003 | USD 17.5 billion | 251,563 | 97.60% | 8.00% |
| 2004 | USD 18.8 billion | 248,096 | 97.30% | 8.00% |
| 2005 | USD 20.4 billion | 252,181 | 94.80% | 8.00% |
| 2006 | USD 21.5 billion | 261,574 | 95.20% | 8.00% |
| 2007 | USD 23.5 billion | 270,755 | 95.60% | 8.00% |
| 2008 | USD 21.5 billion | 281,398 | 92.60% | 8.00% |
| 2009 | USD 19.1 billion | 289,530 | 89.80% | 8.00% |
| 2010 | USD 19.6 billion | 300,538 | 85.40% | 8.00% |
| 2011 | USD 21.2 billion | 305,623 | 84.50% | 8.00% |
| 2012 | USD 21.8 billion | 310,658 | 82.60% | 8.00% |
| 2013 | USD 22.9 billion | 321,051 | 79.60% | 8.00% |
| 2014 | USD 25.1 billion | 326,509 | 77.24% | 8.00% |
| 2015 | USD 24.0 billion | 343,534 | 76.33% | 8.00% |
| 2016 | USD 24.5 billion | 359,021 | 75.23% | 8.00% |
| 2017 | USD 26.4 billion | 361,351 | 70.08% | 8.00% |
| 2018 | USD 27.8 billion | 372,632 | 70.17% | 7.50% |
| 2019 | USD 27.4 billion | 382,955 | 70.50% | 7.50% |
| 2020 | USD 27.9 billion | 394,967 | 65.98% | 7.00% |
| 2021 | USD 33.6 billion | 402,070 | 68.05% | 7.00% |
| 2022 | USD 32.0 billion | 411,619 | 68.94% | 7.00% |
| 2023 | USD 34.0 billion | 428,574 | 70.80% | 7.00% |
| 2024 | USD 37.5 billion | 437,739 | 72.01% | 7.00% |
| 2025 | USD 40.1 billion | 447,405 | 74.42% | 7.00% |
ERS Texas: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 57.28% | 42.68% | 0.00% | 0.00% | 0.00% | 0.04% |
| 2002 | 57.27% | 42.69% | 0.00% | 0.00% | 0.00% | 0.04% |
| 2003 | 58.35% | 41.61% | 0.00% | 0.00% | 0.00% | 0.04% |
| 2004 | 59.85% | 40.09% | 0.00% | 0.00% | 0.00% | 0.06% |
| 2005 | 62.44% | 37.19% | 0.00% | 0.00% | 0.00% | 0.37% |
| 2006 | 62.50% | 36.95% | 0.00% | 0.00% | 0.00% | 0.55% |
| 2007 | 63.21% | 36.12% | 0.00% | 0.00% | 0.00% | 0.67% |
| 2008 | 60.68% | 36.93% | 0.00% | 0.00% | 0.00% | 0.27% |
| 2009 | 57.65% | 38.75% | 0.00% | 0.00% | 0.00% | 1.27% |
| 2010 | 60.14% | 35.71% | 0.00% | 0.00% | 0.00% | 1.10% |
| 2011 | 59.28% | 34.28% | 0.00% | 0.00% | 0.00% | 1.09% |
| 2012 | 55.78% | 34.43% | 0.00% | 0.00% | 0.00% | 1.17% |
| 2013 | 53.81% | 31.61% | 0.00% | 0.00% | 0.00% | 0.91% |
| 2014 | 53.89% | 25.62% | 0.00% | 0.00% | 0.00% | 0.75% |
| 2015 | 50.93% | 23.24% | 0.00% | 0.00% | 0.00% | 0.90% |
| 2016 | 47.86% | 23.58% | 0.00% | 0.00% | 0.00% | 1.30% |
| 2017 | 47.44% | 23.47% | 0.00% | 0.00% | 0.00% | 2.02% |
| 2018 | 46.94% | 23.16% | 0.00% | 0.00% | 0.00% | 2.27% |
| 2019 | 40.60% | 26.94% | 0.00% | 0.00% | 0.00% | 1.53% |
| 2020 | 40.60% | 26.94% | 0.00% | 0.00% | 0.00% | 1.53% |
| 2021 | 40.46% | 20.85% | 0.00% | 0.00% | 0.00% | 1.90% |
| 2022 | 35.83% | 20.42% | 0.00% | 0.00% | 0.00% | 1.71% |
| 2023 | 32.17% | 20.97% | 0.00% | 0.00% | 0.00% | 2.77% |
| 2024 | 33.99% | 19.61% | 0.00% | 0.00% | 0.00% | 5.26% |
| 2025 | 52.26% | 10.99% | 0.00% | 0.00% | 5.68% | 12.85% |
ERS Texas: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -6.91% | Not reported | Not reported |
| 2002 | -7.17% | Not reported | Not reported |
| 2003 | 9.20% | 3.72% | Not reported |
| 2004 | 11.69% | 2.89% | Not reported |
| 2005 | 12.71% | 3.50% | Not reported |
| 2006 | 8.83% | 6.79% | Not reported |
| 2007 | 13.88% | 11.24% | Not reported |
| 2008 | -4.58% | 8.28% | Not reported |
| 2009 | -6.60% | 4.48% | Not reported |
| 2010 | 6.65% | 3.33% | 3.42% |
| 2011 | 12.58% | 4.03% | 5.40% |
| 2012 | 8.22% | 2.98% | 7.03% |
| 2013 | 10.07% | 5.96% | 7.12% |
| 2014 | 14.70% | 10.41% | 7.40% |
| 2015 | 0.49% | 9.10% | 6.18% |
| 2016 | 5.32% | 7.66% | 5.83% |
| 2017 | 12.15% | 8.43% | 5.67% |
| 2018 | 9.58% | 8.33% | 7.14% |
| 2019 | 3.04% | 6.03% | 8.20% |
| 2020 | 6.85% | 7.34% | 8.22% |
| 2021 | 25.51% | 11.17% | 9.32% |
| 2022 | -1.55% | 8.31% | 8.37% |
| 2023 | 6.75% | 7.75% | 8.04% |
| 2024 | 12.51% | 9.63% | 7.79% |
| 2025 | 8.90% | 10.06% | 8.67% |