US public pension profile· TMRS
Texas Municipal Retirement System
Funding, investment choices and long-term returns.
Texas ·Fiscal year 2025
TMRS: fiscal year 2025 at a glance
- Market value of assets
- USD 49.4 billion
- Total membership
- 314,395
- Funded ratio
- 90.36%
- Assumed investment return
- 6.75%
Asset allocation in 2025
| Public equity | 37.50% |
|---|---|
| Fixed income | 1.30% |
| Private equity | 15.50% |
| Real estate | 0.00% |
| Hedge funds | 22.70% |
| Cash | 0.00% |
Returns to 2025
| One year | 13.75% |
|---|---|
| Five years | 8.00% |
| Ten years | 8.07% |
TMRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 8.6 billion | 136,550 | 85.00% | 8.00% |
| 2002 | USD 10.2 billion | 143,340 | 84.20% | 8.00% |
| 2003 | USD 10.6 billion | 148,144 | 82.60% | 7.00% |
| 2004 | USD 11.9 billion | 152,763 | 82.80% | 7.00% |
| 2005 | USD 13.3 billion | 155,650 | 82.70% | 7.00% |
| 2006 | USD 13.5 billion | 161,492 | 82.10% | 7.00% |
| 2007 | USD 14.7 billion | 169,395 | 73.70% | 7.00% |
| 2008 | USD 14.6 billion | 176,351 | 74.40% | 7.00% |
| 2009 | USD 16.3 billion | 180,963 | 75.80% | 7.00% |
| 2010 | USD 18.0 billion | 182,831 | 82.90% | 7.00% |
| 2011 | USD 18.6 billion | 185,599 | 85.10% | 7.00% |
| 2012 | USD 20.5 billion | 189,785 | 87.20% | 7.00% |
| 2013 | USD 22.5 billion | 195,417 | 84.10% | 7.00% |
| 2014 | USD 23.7 billion | 202,528 | 85.79% | 7.00% |
| 2015 | USD 23.7 billion | 214,082 | 85.80% | 6.75% |
| 2016 | USD 25.2 billion | 222,223 | 86.25% | 6.75% |
| 2017 | USD 28.6 billion | 230,353 | 87.43% | 6.75% |
| 2018 | USD 27.7 billion | 240,367 | 87.12% | 6.75% |
| 2019 | USD 31.8 billion | 249,569 | 88.00% | 6.75% |
| 2020 | USD 34.3 billion | 256,278 | 89.54% | 6.75% |
| 2021 | USD 38.6 billion | 266,814 | 90.52% | 6.75% |
| 2022 | USD 35.6 billion | 280,937 | 89.70% | 6.75% |
| 2023 | USD 39.5 billion | 295,747 | 89.72% | 6.75% |
| 2024 | USD 43.4 billion | 305,737 | 89.41% | 6.75% |
| 2025 | USD 49.4 billion | 314,395 | 90.36% | 6.75% |
TMRS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2002 | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2003 | 0.00% | 97.50% | 0.00% | 0.00% | 0.00% | 2.50% |
| 2004 | 0.00% | 93.40% | 0.00% | 0.00% | 0.00% | 6.60% |
| 2005 | 0.00% | 97.40% | 0.00% | 0.00% | 0.00% | 2.60% |
| 2006 | 0.00% | 96.70% | 0.00% | 0.00% | 0.00% | 3.30% |
| 2007 | 0.00% | 95.70% | 0.00% | 0.00% | 0.00% | 4.30% |
| 2008 | 12.10% | 87.00% | 0.00% | 0.00% | 0.00% | 0.90% |
| 2009 | 23.50% | 65.90% | 0.00% | 0.00% | 0.00% | 10.60% |
| 2010 | 33.10% | 61.80% | 0.00% | 0.00% | 0.00% | 5.10% |
| 2011 | 40.50% | 52.80% | 0.00% | 0.50% | 0.00% | 1.40% |
| 2012 | 42.20% | 49.20% | 0.00% | 1.90% | 0.00% | 1.90% |
| 2013 | 45.50% | 39.30% | 0.00% | 3.20% | 0.00% | 8.00% |
| 2014 | 44.30% | 36.10% | 0.00% | 5.00% | 4.10% | 5.80% |
| 2015 | 43.36% | 39.96% | 0.20% | 5.99% | 6.49% | 0.20% |
| 2016 | 42.00% | 29.40% | 0.50% | 8.50% | 10.70% | 0.10% |
| 2017 | 38.10% | 33.10% | 1.00% | 8.20% | 9.40% | 0.10% |
| 2018 | 33.50% | 34.00% | 2.10% | 9.60% | 9.10% | 1.30% |
| 2019 | 36.20% | 31.00% | 2.90% | 8.50% | 8.70% | 1.70% |
| 2020 | 32.10% | 30.50% | 4.40% | 8.70% | 9.50% | 3.90% |
| 2021 | 36.40% | 25.00% | 8.10% | 11.30% | 8.10% | 0.50% |
| 2022 | 33.00% | 24.30% | 10.40% | 13.50% | 6.30% | 0.60% |
| 2023 | 36.30% | 25.40% | 11.50% | 11.70% | 5.40% | 0.50% |
| 2024 | 34.90% | 12.30% | 26.20% | 11.10% | 4.70% | 0.70% |
| 2025 | 37.50% | 1.30% | 15.50% | 0.00% | 22.70% | 0.00% |
TMRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | 8.50% | 8.70% | Not reported |
| 2002 | 17.30% | 8.90% | Not reported |
| 2003 | 1.70% | 7.10% | Not reported |
| 2004 | 12.80% | 12.10% | 10.50% |
| 2005 | 10.60% | 10.10% | 8.60% |
| 2006 | 0.80% | 8.50% | 8.60% |
| 2007 | 7.80% | 6.60% | 7.70% |
| 2008 | -1.30% | 6.00% | 6.60% |
| 2009 | 10.20% | 5.50% | 8.80% |
| 2010 | 9.00% | 5.20% | 7.60% |
| 2011 | 2.40% | 5.50% | 7.00% |
| 2012 | 10.11% | 5.99% | 6.32% |
| 2013 | 9.86% | 8.29% | 7.14% |
| 2014 | 5.99% | 7.40% | 6.45% |
| 2015 | 0.34% | 5.63% | 5.42% |
| 2016 | 7.42% | 6.65% | 6.09% |
| 2017 | 14.27% | 7.46% | 6.71% |
| 2018 | -2.11% | 5.03% | 6.63% |
| 2019 | 14.96% | 6.75% | 7.07% |
| 2020 | 7.65% | 7.99% | 6.74% |
| 2021 | 12.86% | 9.28% | 7.82% |
| 2022 | -7.35% | 4.81% | 5.98% |
| 2023 | 11.64% | 7.79% | 6.15% |
| 2024 | 10.41% | 6.82% | 6.62% |
| 2025 | 13.75% | 8.00% | 8.07% |