Michigan Public Schools Basics

  • Established 1945
  • Currently open to new hires
  • Plan covers teachers
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Michigan Public Schools, 2001-2019

Fiscal Year Net Assets (billions)
2001 34.8
2002 30.0
2003 33.4
2004 36.3
2005 39.4
2006 43.0
2007 48.4
2008 39.1
2009 34.5
2010 35.9
2011 34.7
2012 37.7
2013 40.0
2014 43.8
2015 42.4
2016 43.5
2017 47.0
2018 50.3
2019 50.9

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2019

Fiscal Year Michigan Public Schools US State and Local Pensions
2001 2.4 2.4
2002 2.4 2.4
2003 2.3 2.3
2004 2.2 2.2
2005 2.1 2.1
2006 2.0 2.1
2007 1.8 2.0
2008 1.7 2.0
2009 1.6 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 1.5
2015 0.9 1.4
2016 0.9 1.4
2017 0.9 1.4
2018 0.8 1.4
2019 0.8 1.3

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 Michigan Public Schools, 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 6.8 0.0 5.9 6.3 6.3
2002 6.2 0.7 5.5 6.9 6.9
2003 6.7 1.1 6.3 7.8 7.8
2004 6.7 2.7 7.8 9.4 9.4
2005 7.6 2.4 9.5 10.0 10.0
2006 10.2 1.7 10.5 11.8 11.8
2007 8.5 0.9 11.4 9.3 9.3
2008 10.0 0.0 11.9 9.1 9.1
2009 10.1 0.0 12.2 10.0 10.0
2010 11.3 2.0 14.7 13.4 13.4
2011 12.6 2.9 16.7 15.5 15.5
2012 16.8 3.3 17.7 20.2 20.2
2013 16.5 6.9 19.0 23.4 23.4
2014 19.6 6.3 19.8 25.9 25.9
2015 23.8 2.6 20.3 26.4 26.4
2016 28.1 0.0 20.3 28.2 28.2
2017 29.2 0.0 20.4 28.4 28.4
2018 33.6 0.0 21.1 29.8 29.8
2019 31.1 0.1 21.8 31.2 31.2

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Michigan Public Schools, 2001-2019

Fiscal Year Michigan Public Schools National Data
2001 96.5 105.5
2002 91.5 96.9
2003 86.5 93.1
2004 83.7 89.4
2005 79.3 85.5
2006 87.5 84.8
2007 88.7 85.3
2008 83.6 83.7
2009 78.9 78.5
2010 71.1 75.5
2011 64.7 72.8
2012 61.3 69.9
2013 59.6 68.9
2014 59.9 70.5
2015 60.5 70.7
2016 59.7 70.2
2017 61.6 70.8
2018 60.7 72.0
2019 60.4 71.5

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 Michigan Public Schools, 2019

Category Percent
Equities 38.5
Fixed Income 13.6
Private Equity 18.6
Real Estate 9.5
Cash 3.5
Other 0.0
Commodities 0.0
Hedge Fund 16.3
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 Michigan Public Schools, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 47.7 20.1 15.0 9.1 8.1 0.0 0.0 0.0 0.0
2002 49.5 23.6 14.3 9.8 2.8 0.0 0.0 0.0 0.0
2003 55.6 17.8 14.2 8.7 3.7 0.0 0.0 0.0 0.0
2004 59.3 17.5 13.3 6.7 3.2 0.0 0.0 0.0 0.0
2005 60.8 16.4 11.6 7.5 3.7 0.0 0.0 0.0 0.0
2006 60.6 16.3 12.7 7.5 2.9 0.0 0.0 0.0 0.0
2007 58.3 16.4 14.0 8.9 2.4 0.0 0.0 0.0 0.0
2008 51.0 17.2 18.7 10.9 2.2 0.0 0.0 0.0 0.0
2009 49.1 18.8 19.1 8.6 2.6 0.0 0.0 1.8 0.0
2010 48.6 16.5 21.6 8.5 1.1 0.0 0.0 3.7 0.0
2011 40.9 15.1 22.7 10.4 4.6 0.0 0.0 6.3 0.0
2012 40.6 13.0 21.2 10.2 6.2 0.0 0.0 8.8 0.0
2013 41.8 12.1 19.4 10.8 5.4 0.0 0.0 10.5 0.0
2014 44.5 11.0 17.0 9.1 7.4 0.0 0.0 10.5 0.0
2015 41.3 12.1 16.7 10.0 5.4 0.0 0.0 14.5 0.0
2016 41.5 13.0 15.2 10.5 4.7 0.0 0.0 15.1 0.0
2017 42.7 12.2 15.6 9.6 5.1 0.0 0.0 14.8 0.0
2018 43.5 12.1 16.4 10.5 2.5 0.0 0.0 15.0 0.0
2019 38.5 13.6 18.6 9.5 3.5 0.0 0.0 16.3 0.0

Source: Public Plans Database


Annual Return as of September 30 for Michigan Public Schools, 2001-2019

Fiscal Year Michigan Public Schools Assumed return
2001 -11.50 8.00
2002 -10.50 8.00
2003 14.80 8.00
2004 12.60 8.00
2005 12.80 8.00
2006 12.80 8.00
2007 17.20 8.00
2008 -12.30 8.00
2009 -6.10 8.00
2010 8.80 8.00
2011 6.60 8.00
2012 13.50 8.00
2013 12.50 8.00
2014 15.60 8.00
2015 2.14 8.00
2016 7.60 7.50
2017 13.80 7.05
2018 11.60 6.80
2019 5.10 6.80

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Michigan Public Schools
2001-2019

Fiscal Year Cash Flow Assets
2001 -926.5 34,810.2
2002 -1,068.8 30,008.0
2003 -1,140.2 33,399.9
2004 -1,242.0 36,288.5
2005 -1,457.7 39,361.4
2006 -1,293.2 42,995.4
2007 -1,809.5 48,362.9
2008 -1,776.3 39,065.7
2009 -1,977.2 34,498.4
2010 -2,205.9 35,855.5
2011 -2,513.3 34,674.7
2012 -2,361.3 37,700.4
2013 -2,544.8 40,015.5
2014 -2,435.1 43,773.2
2015 -2,329.0 42,382.4
2016 -2,017.0 43,460.6
2017 -2,032.3 47,011.8
2018 -1,804.7 50,343.5
2019 -2,005.9 50,857.2

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Michigan Public Schools
2001-2019

Fiscal Year Michigan Public Schools National Average
2001 -2.7 -2.4
2002 -3.6 -3.3
2003 -3.4 -3.6
2004 -3.4 -3.4
2005 -3.7 -3.5
2006 -3.0 -3.3
2007 -3.7 -3.1
2008 -4.5 -4.0
2009 -5.7 -4.9
2010 -6.2 -4.9
2011 -7.2 -4.2
2012 -6.3 -4.3
2013 -6.4 -4.3
2014 -5.6 -3.4
2015 -5.5 -3.2
2016 -4.6 -3.5
2017 -4.3 -3.3
2018 -3.6 -3.1
2019 -3.9 -3.0

Source: Public Plans Database

National data averages are weighted by plan size.

2019 Financial Reports

Benefits

Website for Michigan Public Schools benefit descriptions.