Michigan Municipal Basics

  • Established 1945
  • Currently open to new hires
  • Plan covers local employees
  • Most plan members covered by Social Security (each participating district decides their own SS participation).
  • Multiple employer, agent plan

Assets, Participants, and Benefits

Assets at Year-End, Michigan Municipal, 2001-2022

Fiscal Year Net Assets (billions)
2001 3.65
2002 3.29
2003 4.07
2004 4.62
2005 4.91
2006 5.59
2007 6.07
2008 4.51
2009 5.28
2010 5.97
2011 5.94
2012 6.87
2013 7.68
2014 8.08
2015 7.89
2016 8.47
2017 9.48
2018 8.97
2019 9.92
2020 11.14
2021 12.58
2022 10.98

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2022

Fiscal Year Michigan Municipal US State and Local Pensions
2001 2.2 2.4
2002 2.1 2.3
2003 2.0 2.2
2004 1.9 2.1
2005 1.8 2.1
2006 1.7 2.0
2007 1.6 2.0
2008 1.5 1.9
2009 1.4 1.9
2010 1.3 1.8
2011 1.2 1.7
2012 1.1 1.6
2013 1.1 1.5
2014 1.0 1.4
2015 0.9 1.4
2016 0.9 1.4
2017 0.9 1.4
2018 0.8 1.3
2019 0.8 1.3
2020 0.7 1.3
2021 0.7 1.2
2022 0.7 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 Michigan Municipal, 2001-2022

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 9.6 0.0 5.3 9.3
2002 9.6 0.0 5.2 9.4
2003 11.7 0.0 6.0 9.6
2004 11.7 0.0 7.8 10.8
2005 12.6 0.0 9.6 11.6
2006 13.8 0.0 9.9 12.9
2007 15.0 1.3 10.6 16.3
2008 15.2 0.0 11.0 13.8
2009 15.8 0.0 11.0 14.0
2010 17.2 0.0 11.6 15.7
2011 17.7 0.0 13.4 15.9
2012 19.0 0.0 14.1 17.6
2013 18.4 0.0 15.1 18.4
2014 19.4 0.0 15.7 19.4
2015 null null 15.7 null
2016 null null 15.6 null
2017 null null 15.5 null
2018 null null 16.2 null
2019 null null 16.4 null
2020 null null 16.8 null
2021 null null 17.4 null
2022 null null 18.1 null

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Michigan Municipal, 2001-2022

Fiscal Year Michigan Municipal National Data
2001 84.3 101.7
2002 79.8 94.6
2003 78.7 88.8
2004 76.7 87.0
2005 76.0 85.4
2006 76.4 85.2
2007 77.3 86.3
2008 75.1 84.4
2009 75.5 78.4
2010 74.5 75.7
2011 72.6 74.3
2012 71.4 72.3
2013 71.7 71.8
2014 70.6 73.2
2015 66.5 73.2
2016 66.8 71.6
2017 67.7 72.0
2018 68.0 72.4
2019 65.8 72.5
2020 66.0 72.6
2021 72.8 75.8
2022 72.5 76.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

Asset Allocation for Michigan Municipal, 2022

Category Percent
Equities 53.7
Fixed Income 15.5
Private Equity 8.6
Real Estate 0.0
Cash 2.6
Other 0.0
Commodities 13.5
Hedge Fund 6.0
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2022

Category Percent
Equities 41.4
Fixed Income 20.6
Private Equity 13.9
Real Estate 10.8
Cash 2.2
Other 0.4
Commodities 2.5
Hedge Fund 6.5
Misc. Alternatives 1.7

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Michigan Municipal, 2001-2022

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 58.6 36.0 0.1 4.8 0.5 0.0 0.0 0.0 0.0
2002 56.0 37.8 0.3 5.2 0.7 0.0 0.0 0.0 0.0
2003 60.9 28.9 3.7 5.2 1.3 0.0 0.0 0.0 0.0
2004 null null null null null null null null null
2005 59.0 28.0 4.8 6.9 1.3 0.0 0.0 0.0 0.0
2006 52.9 28.3 7.9 7.6 1.4 0.0 1.9 0.0 0.0
2007 50.8 30.1 9.0 6.6 1.2 0.0 2.3 0.0 0.0
2008 39.5 34.4 12.8 8.1 3.0 0.0 2.2 0.0 0.0
2009 46.7 31.4 9.9 6.0 0.9 0.0 5.1 0.0 0.0
2010 43.8 32.7 10.0 5.1 2.9 0.0 5.5 0.0 0.0
2011 43.3 32.9 9.8 6.2 1.7 1.1 5.0 0.0 0.0
2012 43.0 30.8 7.5 6.0 6.5 0.8 5.4 0.0 0.0
2013 49.0 28.5 7.1 4.3 5.8 0.9 4.4 0.0 0.0
2014 52.1 22.8 6.5 2.4 0.0 0.0 9.1 7.1 0.0
2015 50.0 24.4 6.5 3.3 0.0 0.0 6.7 9.1 0.0
2016 50.4 22.9 5.1 3.9 0.0 0.0 7.9 9.8 0.0
2017 52.9 18.4 4.5 2.9 5.3 0.0 6.8 9.2 0.0
2018 44.4 24.2 4.9 3.3 4.7 0.0 8.1 10.4 0.0
2019 51.5 15.2 4.0 0.0 11.2 0.0 10.8 7.3 0.0
2020 56.6 17.4 4.6 0.0 3.9 0.0 10.4 7.1 0.0
2021 53.7 19.9 4.8 0.0 3.3 0.0 10.9 7.4 0.0
2022 53.7 15.5 8.6 0.0 2.6 0.0 13.5 6.0 0.0

Source: Public Plans Database

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Annual Return as of December 31 for Michigan Municipal, 2001-2022

Fiscal Year Michigan Municipal Assumed return
2001 -2.10 8.00
2002 -8.60 8.00
2003 24.70 8.00
2004 6.80 8.00
2005 6.80 8.00
2006 13.60 8.00
2007 8.60 8.00
2008 -24.80 8.00
2009 17.30 8.00
2010 14.43 8.00
2011 2.30 8.00
2012 11.39 8.00
2013 15.00 8.00
2014 6.68 8.00
2015 -1.02 7.75
2016 10.85 7.75
2017 13.20 7.75
2018 -3.64 7.75
2019 14.02 7.75
2020 13.59 7.35
2021 14.13 7.35
2022 -10.37 6.85

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Michigan Municipal
2001-2022

Fiscal Year Cash Flow Assets
2001 -53.6 3,647.8
2002 -44.6 3,285.3
2003 -13.5 4,072.0
2004 -40.0 4,619.5
2005 -11.8 4,907.4
2006 47.7 5,590.0
2007 20.0 6,066.3
2008 -20.7 4,512.3
2009 -25.4 5,276.6
2010 -57.6 5,973.0
2011 -165.2 5,937.9
2012 266.2 6,872.5
2013 -185.1 7,676.0
2014 -99.3 8,078.0
2015 -50.5 7,886.6
2016 -280.7 8,473.5
2017 -173.5 9,476.1
2018 -114.3 8,967.3
2019 -245.7 9,915.3
2020 -182.6 11,136.9
2021 -59.8 12,580.8
2022 -218.0 10,979.7

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
Michigan Municipal
2001-2022

Fiscal Year Michigan Municipal National Average
2001 -1.5 -2.3
2002 -1.4 -1.0
2003 -0.3 -2.4
2004 -0.9 -2.6
2005 -0.2 -2.2
2006 0.9 -2.2
2007 0.3 -2.2
2008 -0.5 -2.9
2009 -0.5 -3.2
2010 -1.0 -3.2
2011 -2.8 -3.4
2012 3.9 -3.3
2013 -2.4 -3.1
2014 -1.2 -2.9
2015 -0.6 -3.1
2016 -3.3 -3.2
2017 -1.8 -2.9
2018 -1.3 -3.1
2019 -2.5 -3.1
2020 -1.6 -2.8
2021 -0.5 -2.5
2022 -2.0 -2.9

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for Michigan Municipal benefit descriptions.