Massachusetts SRS Basics

  • Established 1911
  • Currently open to new hires
  • Plan covers state employees
  • Plan members not covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Massachusetts SRS, 2001-2019

Fiscal Year Net Assets (billions)
2001 14.3
2002 13.6
2003 12.1
2004 14.8
2005 16.5
2006 18.1
2007 21.9
2008 21.0
2009 15.4
2010 17.0
2011 20.1
2012 19.4
2013 21.1
2014 23.9
2015 24.0
2016 24.0
2017 26.3
2018 28.0
2019 28.8

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2019

Fiscal Year Massachusetts SRS US State and Local Pensions
2001 2.0 2.2
2002 2.0 2.2
2003 1.7 2.2
2004 1.6 2.2
2005 1.6 2.1
2006 1.6 2.0
2007 1.7 2.0
2008 1.7 1.9
2009 1.7 1.8
2010 1.6 1.8
2011 1.6 1.7
2012 1.6 1.6
2013 1.6 1.5
2014 1.6 1.5
2015 1.5 1.4
2016 1.4 1.4
2017 1.4 1.5
2018 1.4 1.5
2019 1.4 1.5

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Massachusetts SRS, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2001 8.6 0.0 9.5 7.4 7.4
2002 6.6 0.0 10.1 5.3 5.3
2003 7.5 3.1 10.4 10.5 10.5
2004 6.5 2.6 11.1 9.1 9.1
2005 10.4 0.0 12.1 9.9 9.9
2006 10.2 0.4 12.3 10.6 10.6
2007 9.9 0.0 11.6 9.8 9.8
2008 10.1 0.0 10.1 8.1 8.1
2009 8.4 6.4 11.5 14.8 14.8
2010 8.7 5.0 12.8 13.7 13.7
2011 9.0 0.8 13.6 9.8 9.8
2012 10.5 2.1 14.4 12.6 12.6
2013 10.5 3.0 16.7 13.5 13.5
2014 10.7 2.7 16.5 13.5 13.5
2015 11.1 0.0 17.0 11.1 11.1
2016 11.8 0.0 17.0 11.8 11.8
2017 12.6 0.0 14.3 12.6 12.6
2018 14.2 0.0 14.7 14.2 14.2
2019 15.1 0.0 15.2 15.1 15.1

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Massachusetts SRS, 2001-2019

Fiscal Year Massachusetts SRS National Data
2001 91.8 98.7
2002 94.0 85.4
2003 79.5 83.7
2004 83.9 84.1
2005 82.8 83.5
2006 81.5 86.8
2007 85.1 89.5
2008 89.4 77.0
2009 71.6 73.3
2010 76.5 75.5
2011 81.0 73.4
2012 73.8 74.9
2013 69.1 75.4
2014 70.3 77.4
2015 67.5 79.1
2016 63.5 76.5
2017 64.7 77.6
2018 64.9 75.6
2019 63.7 75.8

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for Massachusetts SRS, 2019

Category Percent
Equities 43.4
Fixed Income 21.5
Private Equity 11.3
Real Estate 9.4
Cash 0.6
Other 0.0
Commodities 3.9
Hedge Fund 10.0
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.2
Fixed Income 22.9
Private Equity 9.0
Real Estate 9.0
Cash 1.8
Other 0.0
Commodities 1.9
Hedge Fund 6.7
Misc. Alternatives 1.5

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Massachusetts SRS, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 59.7 26.2 5.6 5.7 2.8 0.0 0.0 0.0 0.0
2002 59.2 28.7 5.5 6.3 0.0 0.0 0.2 0.0 0.0
2003 59.7 24.2 5.3 6.6 2.5 0.0 1.8 0.0 0.0
2004 54.5 23.2 5.4 8.4 5.8 0.0 2.8 0.0 0.0
2005 53.8 23.7 6.0 8.1 0.0 0.0 3.6 4.8 0.0
2006 53.2 20.7 6.5 11.0 0.0 0.0 3.5 5.1 0.0
2007 51.6 20.0 6.7 8.6 0.0 0.0 3.2 9.9 0.0
2008 46.7 21.8 8.4 10.9 0.0 0.0 2.1 10.1 0.0
2009 48.4 20.7 9.6 10.9 0.0 0.0 4.7 5.7 0.0
2010 45.6 21.0 10.6 9.1 0.0 0.0 4.1 9.6 0.0
2011 50.3 19.2 10.7 8.2 0.0 0.0 4.0 7.2 0.0
2012 42.6 21.6 12.1 9.7 0.0 0.0 3.9 9.9 0.0
2013 45.3 21.5 11.7 8.2 0.0 0.0 4.0 9.2 0.0
2014 43.1 22.4 11.1 8.9 1.0 0.0 3.9 9.6 0.0
2015 42.7 22.0 11.3 10.0 1.2 0.0 3.8 9.1 0.0
2016 42.2 22.3 11.1 10.4 0.5 0.0 3.3 9.8 0.0
2017 46.1 20.1 10.6 9.1 1.0 0.0 3.7 9.5 0.0
2018 42.2 20.8 10.8 9.0 0.4 0.0 3.4 13.4 0.0
2019 43.4 21.5 11.3 9.4 0.6 0.0 3.9 10.0 0.0

Source: Public Plans Database


Annual Return as of June 30 for Massachusetts SRS, 2001-2019

Fiscal Year Massachusetts SRS Assumed return
2001 -6.60 8.25
2002 -6.49 8.25
2003 4.02 8.25
2004 19.43 8.25
2005 13.39 8.25
2006 15.49 8.25
2007 19.95 8.25
2008 -1.82 8.25
2009 -23.91 8.25
2010 12.86 8.25
2011 22.36 8.25
2012 -0.08 8.25
2013 12.73 8.00
2014 17.60 8.00
2015 3.87 7.75
2016 2.30 7.50
2017 13.24 7.50
2018 10.00 7.35
2019 6.13 7.25

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Massachusetts SRS
2001-2019

Fiscal Year Cash Flow Assets
2001 -59.8 14,293.3
2002 -47.2 13,597.5
2003 -239.1 12,128.1
2004 -342.5 14,834.3
2005 -351.5 16,489.2
2006 -835.5 18,143.2
2007 -570.2 21,853.8
2008 -346.1 21,001.1
2009 -466.1 15,390.7
2010 -343.8 16,992.7
2011 -550.6 20,081.6
2012 -572.7 19,396.0
2013 -729.4 21,085.0
2014 -716.9 23,930.9
2015 -689.2 24,042.6
2016 -494.4 23,971.2
2017 -676.6 26,282.2
2018 -748.0 27,995.0
2019 -774.6 28,763.8

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Massachusetts SRS
2001-2019

Fiscal Year Massachusetts SRS National Average
2001 -0.4 -0.8
2002 -0.3 -1.0
2003 -2.0 -0.9
2004 -2.3 -0.5
2005 -2.1 -0.5
2006 -4.6 -0.6
2007 -2.6 -0.6
2008 -1.6 -0.8
2009 -3.0 -1.4
2010 -2.0 -1.3
2011 -2.7 -1.6
2012 -3.0 -1.6
2013 -3.5 -2.0
2014 -3.0 -1.8
2015 -2.9 -0.5
2016 -2.1 -2.4
2017 -2.6 -2.3
2018 -2.7 -2.6
2019 -2.7 -2.6

Source: Public Plans Database

National data averages are weighted by plan size.

2019 Financial Reports

Benefits

Website for Massachusetts SRS benefit descriptions.