US public pension profile· VSERS
Vermont State Employees' Retirement System
Funding, investment choices and long-term returns.
Vermont ·Fiscal year 2025
VSERS: fiscal year 2025 at a glance
- Market value of assets
- USD 2.9 billion
- Total membership
- 20,874
- Funded ratio
- 73.16%
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
| One year | 10.48% |
|---|---|
| Five years | 8.61% |
| Ten years | 7.09% |
VSERS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.0 billion | 12,776 | 93.00% | 8.50% |
| 2002 | USD 0.9 billion | 13,121 | 97.40% | 8.00% |
| 2003 | USD 0.9 billion | 13,404 | 97.50% | 8.00% |
| 2004 | USD 1.0 billion | 13,699 | 97.60% | 8.00% |
| 2005 | USD 1.1 billion | 14,006 | 97.80% | 8.00% |
| 2006 | USD 1.2 billion | 14,377 | 99.30% | 8.00% |
| 2007 | USD 1.4 billion | 14,535 | 100.80% | 8.25% |
| 2008 | USD 1.3 billion | 14,686 | 94.10% | 8.25% |
| 2009 | USD 1.0 billion | 14,629 | 78.90% | 8.25% |
| 2010 | USD 1.2 billion | 14,605 | 81.20% | 8.25% |
| 2011 | USD 1.4 billion | 14,766 | 79.60% | 8.50% |
| 2012 | USD 1.4 billion | 15,080 | 77.70% | 8.50% |
| 2013 | USD 1.5 billion | 15,490 | 76.80% | 8.50% |
| 2014 | USD 1.7 billion | 15,904 | 77.91% | 8.50% |
| 2015 | USD 1.6 billion | 16,276 | 75.10% | 7.95% |
| 2016 | USD 1.6 billion | 16,718 | 74.57% | 7.95% |
| 2017 | USD 1.7 billion | 17,187 | 71.43% | 7.50% |
| 2018 | USD 1.8 billion | 17,523 | 70.70% | 7.50% |
| 2019 | USD 1.9 billion | 17,901 | 70.67% | 7.50% |
| 2020 | USD 2.0 billion | 18,213 | 66.39% | 7.00% |
| 2021 | USD 2.4 billion | 18,395 | 67.56% | 7.00% |
| 2022 | USD 2.3 billion | 19,114 | 69.85% | 7.00% |
| 2023 | USD 2.4 billion | 19,800 | 70.31% | 7.00% |
| 2024 | USD 2.7 billion | 20,384 | 71.32% | 7.00% |
| 2025 | USD 2.9 billion | 20,874 | 73.16% | 7.00% |
VSERS: 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 | 52.95% | 30.43% | 3.60% | 5.71% | 7.21% | 0.10% |
| 2019 | 48.20% | 35.30% | 4.70% | 6.20% | 5.30% | 0.30% |
| 2020 | 49.45% | 37.64% | 5.91% | 6.71% | 0.10% | 0.20% |
| 2021 | 55.27% | 26.02% | 9.32% | 2.07% | 7.18% | 0.14% |
| 2022 | 47.79% | 28.48% | 15.41% | 7.05% | 0.00% | 0.19% |
| 2023 | 48.15% | 21.59% | 18.83% | 2.78% | 8.61% | 0.04% |
| 2024 | 47.40% | 19.65% | 20.63% | 2.85% | 9.42% | 0.05% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
VSERS: 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 | 4.60% | Not reported | Not reported |
| 2004 | 15.70% | 3.70% | 9.90% |
| 2005 | 8.90% | 3.00% | 9.50% |
| 2006 | 10.60% | 6.70% | 8.60% |
| 2007 | 16.50% | 11.20% | 8.10% |
| 2008 | -5.90% | 8.80% | 5.60% |
| 2009 | -18.70% | 1.40% | 2.50% |
| 2010 | 17.80% | 3.10% | 3.10% |
| 2011 | 21.20% | 4.90% | 5.80% |
| 2012 | 2.40% | 2.30% | 6.60% |
| 2013 | 8.60% | 2.50% | 7.03% |
| 2014 | 14.50% | 12.60% | 7.00% |
| 2015 | 2.33% | 9.00% | 6.00% |
| 2016 | 1.10% | 5.67% | 5.30% |
| 2017 | 10.60% | 7.31% | 4.76% |
| 2018 | 6.70% | 6.93% | 6.08% |
| 2019 | 5.90% | 4.90% | 8.50% |
| 2020 | 3.90% | 5.80% | 7.20% |
| 2021 | 24.59% | 10.35% | 7.56% |
| 2022 | -7.42% | 6.47% | 6.54% |
| 2023 | 7.65% | 6.44% | 6.48% |
| 2024 | 10.16% | 7.16% | 6.04% |
| 2025 | 10.48% | 8.61% | 7.09% |