US public pension profile· VMERS
Vermont Municipal Employees
Funding, investment choices and long-term returns.
Vermont ·Fiscal year 2025
VMERS: fiscal year 2025 at a glance
- Market value of assets
- USD 1.1 billion
- Total membership
- 20,428
- Funded ratio
- 74.32%
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
| One year | 10.49% |
|---|---|
| Five years | 8.47% |
| Ten years | 7.03% |
VMERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 0.2 billion | 6,771 | 112.10% | 8.00% |
| 2002 | USD 0.2 billion | 6,865 | 109.70% | 8.00% |
| 2003 | USD 0.2 billion | 9,054 | 102.00% | 8.00% |
| 2004 | USD 0.2 billion | 9,380 | 103.50% | 8.00% |
| 2005 | USD 0.3 billion | 9,281 | 104.40% | 8.00% |
| 2006 | USD 0.3 billion | 9,683 | 104.40% | 8.00% |
| 2007 | USD 0.3 billion | 9,971 | 105.10% | 8.00% |
| 2008 | USD 0.3 billion | 10,387 | 101.50% | 8.00% |
| 2009 | USD 0.3 billion | 10,640 | 90.30% | 8.00% |
| 2010 | USD 0.3 billion | 10,676 | 92.00% | 8.00% |
| 2011 | USD 0.4 billion | 10,720 | 92.30% | 8.50% |
| 2012 | USD 0.4 billion | 10,873 | 85.40% | 8.50% |
| 2013 | USD 0.5 billion | 11,140 | 84.40% | 8.50% |
| 2014 | USD 0.5 billion | 11,532 | 86.16% | 8.50% |
| 2015 | USD 0.5 billion | 10,060 | 77.76% | 8.50% |
| 2016 | USD 0.5 billion | 12,610 | 78.07% | 7.95% |
| 2017 | USD 0.6 billion | 13,262 | 84.08% | 7.50% |
| 2018 | USD 0.7 billion | 13,955 | 82.16% | 7.50% |
| 2019 | USD 0.7 billion | 14,755 | 80.14% | 7.50% |
| 2020 | USD 0.7 billion | 15,548 | 75.80% | 7.00% |
| 2021 | USD 0.9 billion | 16,158 | 77.93% | 7.00% |
| 2022 | USD 0.8 billion | 17,253 | 77.05% | 7.00% |
| 2023 | USD 0.9 billion | 18,463 | 75.06% | 7.00% |
| 2024 | USD 1.0 billion | 19,510 | 74.04% | 7.00% |
| 2025 | USD 1.1 billion | 20,428 | 74.32% | 7.00% |
VMERS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2002 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
| 2003 | 63.04% | 27.27% | 0.60% | 8.19% | 0.00% | 0.00% |
| 2004 | 58.90% | 32.40% | 0.60% | 7.20% | 0.00% | 0.10% |
| 2005 | 56.40% | 35.37% | 0.58% | 6.90% | 0.00% | 0.04% |
| 2006 | 50.98% | 30.76% | 0.47% | 6.78% | 10.37% | 0.01% |
| 2007 | 53.75% | 29.52% | 0.22% | 6.15% | 10.04% | 0.04% |
| 2008 | 52.04% | 30.47% | 0.30% | 6.70% | 0.00% | 0.10% |
| 2009 | 56.00% | 21.90% | 0.28% | 4.66% | 17.12% | 0.05% |
| 2010 | 40.20% | 41.30% | 0.00% | 3.50% | 13.00% | 0.00% |
| 2011 | 36.60% | 37.20% | 0.10% | 3.80% | 20.10% | 0.00% |
| 2012 | 32.90% | 36.50% | 0.00% | 4.40% | 24.30% | 0.00% |
| 2013 | 35.64% | 31.53% | 0.30% | 4.60% | 24.22% | 0.00% |
| 2014 | 32.97% | 32.77% | 0.50% | 4.61% | 25.25% | 0.00% |
| 2015 | 34.17% | 35.47% | 0.90% | 5.71% | 20.74% | 0.00% |
| 2016 | 40.86% | 31.97% | 1.30% | 5.99% | 16.98% | 0.10% |
| 2017 | 46.00% | 33.40% | 1.50% | 6.10% | 12.90% | 0.10% |
| 2018 | 53.35% | 32.23% | 3.30% | 4.50% | 6.51% | 0.10% |
| 2019 | 49.25% | 35.26% | 4.30% | 6.19% | 4.70% | 0.30% |
| 2020 | 49.80% | 38.10% | 5.30% | 6.60% | 0.10% | 0.10% |
| 2021 | 56.20% | 28.98% | 8.56% | 5.43% | 0.00% | 0.11% |
| 2022 | 47.72% | 28.97% | 14.92% | 7.13% | 0.00% | 0.17% |
| 2023 | 48.41% | 21.94% | 18.32% | 2.68% | 8.56% | 0.09% |
| 2024 | 48.08% | 19.74% | 20.06% | 2.74% | 9.28% | 0.10% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
VMERS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | 10.99% | Not reported | Not reported |
| 2002 | 7.07% | Not reported | Not reported |
| 2003 | 1.90% | Not reported | Not reported |
| 2004 | 14.80% | 4.20% | 10.80% |
| 2005 | 8.10% | 4.60% | 10.00% |
| 2006 | 11.30% | 6.70% | 9.50% |
| 2007 | 16.60% | 10.40% | 9.10% |
| 2008 | -6.10% | 8.70% | 6.30% |
| 2009 | -18.20% | 1.50% | 2.80% |
| 2010 | 18.30% | 3.40% | 4.00% |
| 2011 | 21.00% | 5.10% | 5.90% |
| 2012 | 2.40% | 2.40% | 6.40% |
| 2013 | 8.80% | 5.46% | 7.03% |
| 2014 | 6.70% | 12.70% | 7.00% |
| 2015 | 2.30% | 9.10% | 6.20% |
| 2016 | 1.10% | 4.22% | 4.66% |
| 2017 | 10.80% | 5.88% | 4.12% |
| 2018 | 6.70% | 5.46% | 5.46% |
| 2019 | 5.80% | 4.90% | 8.50% |
| 2020 | 3.90% | 5.80% | 7.20% |
| 2021 | 24.32% | 10.32% | 7.55% |
| 2022 | -7.88% | 6.30% | 6.47% |
| 2023 | 7.69% | 6.28% | 6.40% |
| 2024 | 10.22% | 7.15% | 6.02% |
| 2025 | 10.49% | 8.47% | 7.03% |