US public pension profile· VSTRS
State Teachers' Retirement System of Vermont
Funding, investment choices and long-term returns.
Vermont ·Fiscal year 2025
VSTRS: fiscal year 2025 at a glance
- Market value of assets
- USD 3.1 billion
- Total membership
- 25,967
- Funded ratio
- 63.43%
- Assumed investment return
- 7.00%
Asset allocation in 2025
Returns to 2025
| One year | 10.97% |
|---|---|
| Five years | 8.73% |
| Ten years | 7.20% |
VSTRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 1.1 billion | 17,225 | 89.00% | 8.50% |
| 2002 | USD 1.1 billion | 17,693 | 89.50% | 8.50% |
| 2003 | USD 1.1 billion | 18,008 | 89.60% | 8.00% |
| 2004 | USD 1.2 billion | 18,345 | 90.20% | 8.00% |
| 2005 | USD 1.3 billion | 18,810 | 90.70% | 8.00% |
| 2006 | USD 1.4 billion | 19,111 | 84.60% | 8.25% |
| 2007 | USD 1.6 billion | 19,509 | 84.90% | 8.25% |
| 2008 | USD 1.5 billion | 19,874 | 80.90% | 8.25% |
| 2009 | USD 1.1 billion | 20,085 | 65.40% | 8.50% |
| 2010 | USD 1.3 billion | 20,226 | 66.50% | 8.25% |
| 2011 | USD 1.5 billion | 20,450 | 63.80% | 8.50% |
| 2012 | USD 1.5 billion | 20,624 | 61.60% | 8.50% |
| 2013 | USD 1.6 billion | 20,917 | 60.50% | 8.50% |
| 2014 | USD 1.7 billion | 21,194 | 59.93% | 8.50% |
| 2015 | USD 1.7 billion | 21,492 | 58.59% | 7.95% |
| 2016 | USD 1.6 billion | 21,883 | 58.34% | 7.95% |
| 2017 | USD 1.7 billion | 22,193 | 54.22% | 7.50% |
| 2018 | USD 1.8 billion | 22,561 | 55.22% | 7.50% |
| 2019 | USD 1.9 billion | 22,951 | 55.65% | 7.50% |
| 2020 | USD 2.0 billion | 23,436 | 51.29% | 7.50% |
| 2021 | USD 2.4 billion | 23,887 | 52.91% | 7.00% |
| 2022 | USD 2.3 billion | 24,552 | 57.28% | 7.00% |
| 2023 | USD 2.5 billion | 25,214 | 59.30% | 7.00% |
| 2024 | USD 2.8 billion | 25,742 | 61.17% | 7.00% |
| 2025 | USD 3.1 billion | 25,967 | 63.43% | 7.00% |
VSTRS: 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 | 61.80% | 29.10% | 0.00% | 8.30% | 0.00% | 0.00% |
| 2004 | 61.84% | 29.37% | 0.00% | 7.99% | 0.00% | 0.00% |
| 2005 | 60.76% | 29.93% | 0.40% | 8.91% | 0.00% | 0.00% |
| 2006 | 65.20% | 24.40% | 0.50% | 9.90% | 0.00% | 0.00% |
| 2007 | 57.00% | 24.44% | 0.35% | 8.26% | 9.88% | 0.06% |
| 2008 | 55.13% | 25.49% | 0.38% | 8.65% | 10.26% | 0.08% |
| 2009 | 58.94% | 18.78% | 0.29% | 5.97% | 15.62% | 0.40% |
| 2010 | 38.61% | 41.72% | 0.00% | 3.93% | 13.54% | 0.20% |
| 2011 | 35.64% | 37.34% | 0.00% | 4.40% | 20.42% | 0.00% |
| 2012 | 32.63% | 35.74% | 0.00% | 5.10% | 24.52% | 0.00% |
| 2013 | 32.83% | 32.33% | 0.30% | 5.51% | 25.32% | 0.00% |
| 2014 | 32.07% | 32.27% | 0.50% | 5.59% | 25.57% | 0.10% |
| 2015 | 33.13% | 36.02% | 0.90% | 5.57% | 21.39% | 0.00% |
| 2016 | 39.14% | 31.53% | 1.30% | 7.31% | 17.82% | 0.10% |
| 2017 | 44.53% | 32.90% | 1.60% | 7.42% | 13.54% | 0.00% |
| 2018 | 52.04% | 28.60% | 3.77% | 7.94% | 7.55% | 0.10% |
| 2019 | 48.35% | 34.64% | 4.90% | 6.41% | 5.61% | 0.10% |
| 2020 | 49.45% | 37.36% | 6.09% | 6.89% | 0.10% | 0.10% |
| 2021 | 54.62% | 33.57% | 9.57% | 2.12% | 0.02% | 0.10% |
| 2022 | 48.04% | 27.99% | 15.50% | 7.25% | 0.00% | 0.18% |
| 2023 | 47.58% | 22.44% | 18.78% | 2.72% | 8.43% | 0.04% |
| 2024 | 46.79% | 20.72% | 20.41% | 2.76% | 9.25% | 0.06% |
| 2025 | Not reported | Not reported | Not reported | Not reported | Not reported | Not reported |
VSTRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -1.60% | Not reported | Not reported |
| 2002 | -4.70% | Not reported | Not reported |
| 2003 | 5.60% | Not reported | Not reported |
| 2004 | 15.70% | 4.50% | 10.60% |
| 2005 | 9.70% | 4.70% | 9.90% |
| 2006 | 10.40% | 7.10% | 9.10% |
| 2007 | 17.40% | 11.70% | 8.70% |
| 2008 | -6.60% | 9.00% | 6.30% |
| 2009 | -19.80% | 1.30% | 2.90% |
| 2010 | 17.90% | 2.80% | 3.70% |
| 2011 | 20.50% | 4.60% | 5.80% |
| 2012 | 2.20% | 1.70% | 6.60% |
| 2013 | 8.50% | 2.90% | 6.86% |
| 2014 | 14.20% | 12.50% | 6.80% |
| 2015 | 2.00% | 8.90% | 5.80% |
| 2016 | 1.40% | 5.54% | 5.05% |
| 2017 | 10.40% | 7.19% | 4.40% |
| 2018 | 6.70% | 6.83% | 5.80% |
| 2019 | 6.10% | 5.00% | 8.50% |
| 2020 | 4.10% | 5.90% | 7.20% |
| 2021 | 24.75% | 10.42% | 7.58% |
| 2022 | -7.41% | 6.57% | 6.56% |
| 2023 | 7.64% | 6.54% | 6.53% |
| 2024 | 10.16% | 7.16% | 6.04% |
| 2025 | 10.97% | 8.73% | 7.20% |