Indiana PERF Basics

  • Established 1945
  • Currently open to new hires
  • Plan covers state and local employees
  • Plan members covered by Social Security
  • Multiple employer, agent plan

Assets, Participants, and Benefits

Assets at Year-End, Indiana PERF, 2001-2023

Fiscal Year Net Assets (billions)
2001 8.36
2002 7.95
2003 8.27
2004 9.59
2005 10.40
2006 11.37
2007 13.26
2008 12.07
2009 9.44
2010 10.58
2011 12.46
2012 12.24
2013 12.72
2014 14.10
2015 13.91
2016 13.87
2017 14.64
2018 12.69
2019 13.27
2020 13.26
2021 16.25
2022 14.85
2023 14.89

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2023

Fiscal Year Indiana PERF US State and Local Pensions
2001 2.9 2.4
2002 2.8 2.3
2003 2.6 2.2
2004 2.6 2.1
2005 2.5 2.1
2006 2.4 2.0
2007 2.3 2.0
2008 2.2 1.9
2009 2.3 1.9
2010 2.2 1.8
2011 2.1 1.7
2012 2.0 1.6
2013 1.8 1.5
2014 1.8 1.4
2015 1.8 1.4
2016 1.6 1.4
2017 1.6 1.4
2018 1.5 1.3
2019 1.4 1.3
2020 1.4 1.3
2021 1.3 1.2
2022 1.2 1.2
2023 1.2 1.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Indiana PERF, 2001-2023

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 5.4 0.0 5.3 4.7
2002 5.5 0.0 5.2 4.6
2003 5.4 0.1 6.0 5.5
2004 5.6 0.0 7.8 4.0
2005 4.8 0.0 9.6 4.7
2006 5.3 0.4 9.9 5.8
2007 5.9 0.4 10.6 6.3
2008 6.6 0.0 11.0 6.3
2009 6.6 0.0 11.0 6.4
2010 6.8 0.6 11.6 7.4
2011 7.1 2.9 13.4 10.0
2012 8.1 2.3 14.1 10.4
2013 9.6 0.5 15.1 10.0
2014 10.2 0.2 15.7 10.4
2015 11.2 0.0 15.7 10.8
2016 11.3 0.0 15.6 10.1
2017 11.2 0.0 15.5 9.9
2018 11.2 0.0 16.2 9.9
2019 11.2 0.0 16.4 10.1
2020 11.3 0.0 16.8 9.1
2021 11.4 0.0 17.4 8.3
2022 11.1 0.0 18.1 7.6
2023 11.0 0.0 17.4 7.6

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Indiana PERF, 2001-2023

Fiscal Year Indiana PERF National Data
2001 105.0 101.7
2002 99.2 94.6
2003 102.9 88.8
2004 100.1 87.0
2005 96.4 85.4
2006 97.6 85.2
2007 98.2 86.3
2008 97.5 84.4
2009 93.1 78.4
2010 85.2 75.7
2011 80.5 74.3
2012 76.6 72.3
2013 80.2 71.8
2014 82.4 73.2
2015 78.6 73.2
2016 79.1 71.6
2017 79.0 72.0
2018 79.7 72.4
2019 79.4 72.5
2020 83.3 72.6
2021 83.0 75.8
2022 84.9 76.2
2023 85.4 74.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

Asset Allocation for Indiana PERF, 2023

Category Percent
Equities 17.8
Fixed Income 29.0
Private Equity 14.3
Real Estate 7.1
Cash 0.1
Other 0.0
Commodities 8.1
Hedge Fund 23.6
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2023

Category Percent
Equities 42.2
Fixed Income 20.5
Private Equity 14.0
Real Estate 10.5
Cash 1.8
Other 0.1
Commodities 2.7
Hedge Fund 6.6
Misc. Alternatives 1.8

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Indiana PERF, 2001-2023

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 56.9 43.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2002 57.9 39.6 0.0 0.0 2.5 0.0 0.0 0.0 0.0
2003 61.5 38.4 0.0 0.0 0.1 0.0 0.0 0.0 0.0
2004 70.5 28.6 0.1 0.0 0.8 0.0 0.0 0.0 0.0
2005 71.2 28.1 0.3 0.0 0.4 0.0 0.0 0.0 0.0
2006 74.0 25.2 0.7 0.0 0.1 0.0 0.0 0.0 0.0
2007 76.2 21.9 0.0 0.0 0.3 0.0 0.0 0.0 1.6
2008 67.3 24.2 0.0 0.0 1.2 0.0 0.0 0.0 7.3
2009 50.5 33.0 0.0 0.0 0.0 0.0 0.0 0.0 16.5
2010 39.7 34.7 0.0 0.0 1.1 0.0 0.0 0.0 24.5
2011 42.6 29.6 0.0 0.0 1.9 0.0 0.0 0.0 25.9
2012 25.2 35.6 13.3 4.7 0.0 0.0 7.9 13.3 0.0
2013 24.2 32.0 13.0 5.3 0.0 0.0 7.3 18.2 0.0
2014 23.6 31.5 12.7 5.4 0.0 0.0 7.8 18.9 0.0
2015 22.4 31.6 12.9 6.2 0.0 0.0 7.5 19.4 0.0
2016 22.3 28.5 13.3 6.6 1.7 0.0 7.4 20.2 0.0
2017 23.6 27.4 12.7 6.5 1.2 0.0 7.9 20.7 0.0
2018 22.1 27.2 12.2 6.1 1.1 0.0 9.0 22.3 0.0
2019 21.3 27.5 12.5 6.0 2.3 0.0 7.6 22.8 0.0
2020 21.8 26.7 12.2 6.8 1.9 0.0 6.6 24.0 0.0
2021 21.0 22.9 14.8 6.4 1.5 0.0 8.2 25.2 0.0
2022 15.6 28.8 15.0 7.2 0.3 0.0 8.3 24.9 0.0
2023 17.8 29.0 14.3 7.1 0.1 0.0 8.1 23.6 0.0

Source: Public Plans Database

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Annual Return as of June 30 for Indiana PERF, 2001-2023

Fiscal Year Indiana PERF Assumed return
2001 -2.51 7.25
2002 -4.51 7.25
2003 4.70 7.25
2004 16.30 7.25
2005 9.80 7.25
2006 10.70 7.25
2007 18.20 7.25
2008 -7.60 7.25
2009 -20.60 7.25
2010 13.90 7.00
2011 19.90 7.00
2012 0.70 6.75
2013 6.00 6.75
2014 13.73 6.75
2015 0.00 6.75
2016 1.19 6.75
2017 8.00 6.75
2018 9.30 6.75
2019 7.40 6.75
2020 2.60 6.75
2021 25.50 6.25
2022 -6.60 6.25
2023 2.50 6.25

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Indiana PERF
2001-2023

Fiscal Year Cash Flow Assets
2001 -10.1 8,355.5
2002 -14.8 7,953.0
2003 -23.3 8,273.0
2004 -39.7 9,586.9
2005 -88.2 10,398.7
2006 -127.6 11,366.2
2007 -131.2 13,262.4
2008 -115.7 12,073.5
2009 -116.3 9,442.3
2010 -161.0 10,581.3
2011 -237.4 12,461.4
2012 -217.0 12,243.8
2013 -218.9 12,720.6
2014 -173.2 14,104.3
2015 -244.5 13,907.7
2016 -193.5 13,870.5
2017 -272.9 14,644.7
2018 -314.9 12,694.3
2019 -332.7 13,271.0
2020 -349.3 13,261.4
2021 -344.8 16,247.3
2022 -347.6 14,848.4
2023 -337.0 14,885.9

Source: Public Plans Database

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Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page.


Cash Flow as a Percentage of Assets
Indiana PERF
2001-2023

Fiscal Year Indiana PERF National Average
2001 -0.1 -2.0
2002 -0.2 -2.4
2003 -0.3 -2.5
2004 -0.4 -1.8
2005 -0.8 -2.2
2006 -1.1 -2.2
2007 -1.0 -2.0
2008 -1.0 -2.1
2009 -1.2 -3.1
2010 -1.5 -3.2
2011 -1.9 -3.0
2012 -1.8 -3.2
2013 -1.7 -3.1
2014 -1.2 -2.9
2015 -1.8 -2.7
2016 -1.4 -2.9
2017 -1.9 -2.8
2018 -2.5 -2.4
2019 -2.5 -2.4
2020 -2.6 -2.3
2021 -2.1 -2.0
2022 -2.3 -1.9
2023 -2.3 -1.9

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for Indiana PERF benefit descriptions.