US public pension profile· LEOFF Plan 1
Washington Law Enforcement Officers and Firefighters Plan 1
Funding, investment choices and long-term returns.
Washington ·Fiscal year 2025
LEOFF Plan 1: fiscal year 2025 at a glance
- Market value of assets
- USD 7.2 billion
- Total membership
- 5,967
- Funded ratio
- 159.81%
- Assumed investment return
- 7.25%
Asset allocation in 2025
| Public equity | 29.91% |
|---|---|
| Fixed income | 18.30% |
| Private equity | 30.66% |
| Real estate | 19.87% |
| Hedge funds | 1.26% |
| Cash | 0.00% |
Returns to 2025
| One year | 9.04% |
|---|---|
| Five years | 11.05% |
| Ten years | 9.31% |
LEOFF Plan 1: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 5.0 billion | 9,209 | 129.00% | 8.00% |
| 2002 | USD 4.4 billion | 9,246 | 120.00% | 8.00% |
| 2003 | USD 4.3 billion | 9,143 | 112.00% | 8.00% |
| 2004 | USD 4.7 billion | 9,035 | 109.00% | 8.00% |
| 2005 | USD 5.0 billion | 8,938 | 113.00% | 8.00% |
| 2006 | USD 5.6 billion | 8,830 | 116.00% | 8.00% |
| 2007 | USD 6.4 billion | 8,734 | 122.00% | 8.00% |
| 2008 | USD 6.0 billion | 8,611 | 128.00% | 8.00% |
| 2009 | USD 4.4 billion | 8,499 | 125.00% | 8.00% |
| 2010 | USD 4.6 billion | 8,356 | 127.00% | 8.00% |
| 2011 | USD 5.2 billion | 8,227 | 134.00% | 7.90% |
| 2012 | USD 4.9 billion | 8,072 | 135.00% | 7.90% |
| 2013 | USD 5.1 billion | 7,908 | 125.00% | 7.80% |
| 2014 | USD 5.7 billion | 7,762 | 127.20% | 7.80% |
| 2015 | USD 5.6 billion | 7,621 | 125.47% | 7.50% |
| 2016 | USD 5.4 billion | 7,472 | 125.68% | 7.50% |
| 2017 | USD 5.7 billion | 7,297 | 131.01% | 7.50% |
| 2018 | USD 5.9 billion | 7,130 | 135.24% | 7.40% |
| 2019 | USD 6.0 billion | 6,939 | 140.64% | 7.40% |
| 2020 | USD 5.9 billion | 6,819 | 148.33% | 7.40% |
| 2021 | USD 7.3 billion | 6,555 | 145.95% | 7.40% |
| 2022 | USD 7.0 billion | 6,365 | 151.66% | 7.00% |
| 2023 | USD 6.9 billion | 6,180 | 149.10% | 7.00% |
| 2024 | USD 7.0 billion | 5,967 | 159.81% | 7.00% |
| 2025 | USD 7.2 billion | 5,967 | 159.81% | 7.25% |
LEOFF Plan 1: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 51.10% | 25.65% | 13.43% | 8.52% | 0.00% | 1.30% |
| 2002 | 48.30% | 28.00% | 13.20% | 9.20% | 0.00% | 1.30% |
| 2003 | 47.70% | 27.30% | 14.40% | 9.40% | 0.00% | 1.20% |
| 2004 | 50.97% | 26.10% | 12.23% | 9.58% | 0.00% | 1.12% |
| 2005 | 49.17% | 25.95% | 14.56% | 9.31% | 0.00% | 1.01% |
| 2006 | 47.75% | 24.06% | 16.79% | 10.50% | 0.00% | 0.90% |
| 2007 | 47.08% | 23.45% | 18.30% | 11.02% | 0.07% | 0.08% |
| 2008 | 38.67% | 23.36% | 22.28% | 13.97% | 0.89% | 0.10% |
| 2009 | 36.01% | 23.15% | 21.23% | 17.53% | 0.80% | 0.16% |
| 2010 | 34.71% | 21.89% | 25.76% | 14.21% | 0.83% | 1.44% |
| 2011 | 36.83% | 19.55% | 25.09% | 13.77% | 2.04% | 1.57% |
| 2012 | 36.02% | 22.16% | 26.02% | 13.69% | 0.57% | 0.19% |
| 2013 | 37.71% | 22.63% | 23.81% | 13.62% | 0.53% | 0.18% |
| 2014 | 37.97% | 25.05% | 22.30% | 12.36% | 0.44% | 0.24% |
| 2015 | 37.27% | 23.76% | 22.04% | 14.45% | 0.32% | 0.21% |
| 2016 | 37.95% | 22.04% | 20.96% | 15.78% | 0.07% | 0.26% |
| 2017 | 39.38% | 19.31% | 20.40% | 16.99% | 0.03% | 0.08% |
| 2018 | 34.24% | 23.52% | 20.59% | 17.17% | 0.04% | 0.08% |
| 2019 | 33.36% | 21.50% | 21.49% | 18.25% | 0.14% | 0.13% |
| 2020 | 33.56% | 21.29% | 21.03% | 18.43% | 0.24% | 0.09% |
| 2021 | 32.78% | 19.13% | 25.56% | 16.46% | 0.50% | 0.11% |
| 2022 | 24.23% | 18.55% | 29.28% | 21.00% | 0.79% | 0.05% |
| 2023 | 25.76% | 16.23% | 28.84% | 21.01% | 1.12% | 0.11% |
| 2024 | 26.93% | 16.45% | 28.54% | 19.25% | 1.17% | 0.00% |
| 2025 | 29.91% | 18.30% | 30.66% | 19.87% | 1.26% | 0.00% |
LEOFF Plan 1: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -5.96% | 11.08% | Not reported |
| 2002 | -6.40% | 5.53% | Not reported |
| 2003 | 4.15% | 3.17% | Not reported |
| 2004 | 16.06% | 3.97% | Not reported |
| 2005 | 13.34% | 3.63% | Not reported |
| 2006 | 16.69% | 8.51% | Not reported |
| 2007 | 21.33% | 13.99% | Not reported |
| 2008 | -1.24% | 13.03% | Not reported |
| 2009 | -22.84% | 4.05% | Not reported |
| 2010 | 13.22% | 4.08% | 3.95% |
| 2011 | 21.14% | 4.86% | 6.62% |
| 2012 | 1.40% | 1.17% | 7.47% |
| 2013 | 12.36% | 3.81% | 8.29% |
| 2014 | 17.06% | 12.83% | 8.35% |
| 2015 | 4.93% | 11.13% | 7.55% |
| 2016 | 2.65% | 7.51% | 6.18% |
| 2017 | 13.44% | 9.95% | 5.47% |
| 2018 | 10.20% | 9.53% | 6.63% |
| 2019 | 8.36% | 7.85% | 10.31% |
| 2020 | 3.71% | 7.60% | 9.35% |
| 2021 | 28.68% | 12.57% | 10.01% |
| 2022 | 5.39% | 10.93% | 10.44% |
| 2023 | 5.24% | 9.91% | 9.72% |
| 2024 | 8.50% | 9.94% | 8.89% |
| 2025 | 9.04% | 11.05% | 9.31% |