US public pension profile· URS Noncontributory
Utah Public Employees Noncontributory Retirement System
Funding, investment choices and long-term returns.
Utah ·Fiscal year 2025
URS Noncontributory: fiscal year 2025 at a glance
- Market value of assets
- USD 40.3 billion
- Total membership
- 214,649
- Funded ratio
- 93.14%
- Assumed investment return
- 6.85%
Asset allocation in 2025
| Public equity | 36.44% |
|---|---|
| Fixed income | 16.32% |
| Private equity | 11.91% |
| Real estate | 17.32% |
| Hedge funds | 15.32% |
| Cash | 2.70% |
Returns to 2025
| One year | 13.02% |
|---|---|
| Five years | 8.20% |
| Ten years | 8.99% |
URS Noncontributory: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 9.9 billion | 130,220 | 105.60% | 8.00% |
| 2002 | USD 9.1 billion | 131,212 | 94.60% | 8.00% |
| 2003 | USD 11.3 billion | 134,914 | 96.70% | 8.00% |
| 2004 | USD 12.8 billion | 139,782 | 94.30% | 8.00% |
| 2005 | USD 13.9 billion | 144,983 | 95.20% | 8.00% |
| 2006 | USD 15.8 billion | 150,646 | 97.60% | 8.00% |
| 2007 | USD 16.8 billion | 158,380 | 96.90% | 7.75% |
| 2008 | USD 12.7 billion | 164,061 | 88.00% | 7.75% |
| 2009 | USD 14.2 billion | 166,863 | 87.10% | 7.75% |
| 2010 | USD 15.8 billion | 169,411 | 83.80% | 7.50% |
| 2011 | USD 15.9 billion | 172,916 | 80.10% | 7.50% |
| 2012 | USD 17.6 billion | 175,961 | 77.40% | 7.50% |
| 2013 | USD 20.0 billion | 178,748 | 81.90% | 7.50% |
| 2014 | USD 21.2 billion | 181,486 | 85.77% | 7.50% |
| 2015 | USD 21.3 billion | 185,887 | 85.42% | 7.20% |
| 2016 | USD 22.8 billion | 188,960 | 85.46% | 6.95% |
| 2017 | USD 25.5 billion | 191,624 | 87.72% | 6.95% |
| 2018 | USD 25.1 billion | 194,713 | 87.40% | 6.95% |
| 2019 | USD 28.2 billion | 198,280 | 87.51% | 6.95% |
| 2020 | USD 31.3 billion | 200,445 | 88.81% | 6.95% |
| 2021 | USD 35.1 billion | 203,941 | 93.22% | 6.85% |
| 2022 | USD 32.6 billion | 208,421 | 92.83% | 6.85% |
| 2023 | USD 34.8 billion | 211,897 | 93.45% | 6.85% |
| 2024 | USD 38.7 billion | 214,649 | 93.14% | 6.85% |
| 2025 | USD 40.3 billion | 214,649 | 93.14% | 6.85% |
URS Noncontributory: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 54.80% | 26.90% | 5.20% | 8.40% | 0.00% | 4.70% |
| 2002 | 54.40% | 23.00% | 6.50% | 9.60% | 0.00% | 6.50% |
| 2003 | 55.40% | 21.00% | 4.50% | 8.20% | 0.00% | 10.90% |
| 2004 | 58.40% | 22.20% | 3.30% | 9.90% | 0.00% | 6.20% |
| 2005 | 53.90% | 23.10% | 3.30% | 12.60% | 0.00% | 7.10% |
| 2006 | 44.80% | 20.90% | 3.70% | 15.20% | 5.50% | 9.90% |
| 2007 | 39.10% | 23.30% | 5.00% | 16.40% | 9.60% | 6.60% |
| 2008 | 29.20% | 26.10% | 8.20% | 18.70% | 11.90% | 5.90% |
| 2009 | 37.30% | 23.70% | 7.40% | 14.70% | 12.70% | 4.20% |
| 2010 | 35.80% | 21.00% | 8.80% | 14.40% | 15.00% | 5.00% |
| 2011 | 35.20% | 19.40% | 10.80% | 13.90% | 15.80% | 4.90% |
| 2012 | 36.20% | 17.90% | 11.30% | 13.50% | 15.20% | 5.90% |
| 2013 | 37.50% | 16.00% | 11.00% | 12.20% | 16.70% | 6.60% |
| 2014 | 35.50% | 15.70% | 11.80% | 14.00% | 17.20% | 5.80% |
| 2015 | 33.94% | 15.81% | 11.87% | 14.86% | 15.29% | 8.23% |
| 2016 | 35.20% | 15.00% | 11.30% | 14.70% | 15.60% | 8.20% |
| 2017 | 37.80% | 14.20% | 10.70% | 14.80% | 13.90% | 8.60% |
| 2018 | 35.10% | 16.90% | 11.70% | 16.60% | 14.60% | 5.10% |
| 2019 | 37.70% | 17.30% | 11.30% | 13.90% | 14.60% | 5.20% |
| 2020 | 39.90% | 13.50% | 11.50% | 13.30% | 15.10% | 6.70% |
| 2021 | 37.10% | 12.00% | 13.10% | 15.30% | 15.10% | 7.40% |
| 2022 | 30.80% | 15.20% | 13.00% | 20.30% | 17.80% | 2.90% |
| 2023 | 33.90% | 15.30% | 12.40% | 19.20% | 16.30% | 2.90% |
| 2024 | 33.65% | 15.19% | 11.88% | 18.96% | 14.96% | 5.36% |
| 2025 | 36.44% | 16.32% | 11.91% | 17.32% | 15.32% | 2.70% |
URS Noncontributory: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -5.00% | 7.50% | 9.40% |
| 2002 | -7.50% | 2.80% | 8.10% |
| 2003 | 26.00% | 5.60% | 8.90% |
| 2004 | 13.20% | 5.00% | 10.20% |
| 2005 | 8.96% | 6.47% | 9.04% |
| 2006 | 14.77% | 10.70% | 9.07% |
| 2007 | 7.15% | 14.05% | 8.22% |
| 2008 | -22.30% | 3.56% | 4.57% |
| 2009 | 12.88% | 3.41% | 4.24% |
| 2010 | 13.73% | 4.16% | 5.35% |
| 2011 | 2.89% | 1.91% | 6.21% |
| 2012 | 13.10% | 2.96% | 8.38% |
| 2013 | 14.89% | 11.33% | 7.38% |
| 2014 | 7.52% | 10.30% | 6.79% |
| 2015 | 1.92% | 7.89% | 6.02% |
| 2016 | 8.79% | 9.12% | 5.47% |
| 2017 | 13.57% | 9.20% | 6.08% |
| 2018 | -0.22% | 6.70% | 8.70% |
| 2019 | 14.45% | 7.53% | 8.89% |
| 2020 | 12.96% | 9.79% | 8.82% |
| 2021 | 17.46% | 11.48% | 10.28% |
| 2022 | -5.04% | 7.56% | 8.37% |
| 2023 | 9.44% | 9.55% | 7.85% |
| 2024 | 7.51% | 8.18% | 7.86% |
| 2025 | 13.02% | 8.20% | 8.99% |