Michigan SERS Basics

  • Established 1943
  • Currently closed to new hires
  • Plan covers state employees
  • Plan members covered by Social Security
  • Single employer

Assets, Participants, and Benefits

Assets at Year-End, Michigan SERS, 2001-2018

Fiscal Year Net Assets (billions)
2001 9.6
2002 8.3
2003 8.9
2004 9.4
2005 10.1
2006 10.9
2007 12.1
2008 9.8
2009 8.6
2010 8.9
2011 8.7
2012 9.3
2013 9.9
2014 11.0
2015 10.7
2016 11.0
2017 11.8
2018 12.4

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2018

Fiscal Year Michigan SERS US State and Local Pensions
2001 1.2 2.5
2002 1.1 2.4
2003 0.8 2.3
2004 0.8 2.2
2005 0.7 2.1
2006 0.7 2.1
2007 0.7 2.0
2008 0.6 2.0
2009 0.6 1.9
2010 0.5 1.8
2011 0.4 1.7
2012 0.3 1.6
2013 0.3 1.5
2014 0.3 1.5
2015 0.2 1.5
2016 0.2 1.4
2017 0.2 1.4
2018 0.2 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 SERS, 2001-2018

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 5.0 0.0 5.0 4.6 4.6
2002 4.1 1.1 4.8 5.2 5.2
2003 4.3 5.6 5.7 9.9 9.9
2004 5.5 8.4 7.3 13.9 13.9
2005 13.6 2.8 9.0 16.4 16.4
2006 14.6 5.2 9.3 19.8 19.8
2007 8.3 9.1 10.0 17.3 17.3
2008 20.2 0.0 10.4 17.5 17.5
2009 19.8 0.4 10.2 20.3 20.3
2010 22.8 3.0 10.5 25.8 25.8
2011 33.3 1.8 12.5 35.1 35.1
2012 36.3 8.0 12.9 44.4 44.4
2013 55.9 0.6 13.9 56.5 56.5
2014 69.7 0.0 14.5 61.8 61.8
2015 81.3 0.0 14.9 71.0 71.0
2016 84.2 4.2 14.8 88.4 88.4
2017 90.1 0.8 15.1 91.0 91.0
2018 92.7 0.0 18.1 89.4 89.4

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Michigan SERS, 2001-2018

Fiscal Year Michigan SERS National Data
2001 107.6 106.5
2002 98.7 101.1
2003 88.8 94.2
2004 84.5 93.1
2005 79.8 91.1
2006 85.1 90.5
2007 86.2 91.2
2008 82.8 90.2
2009 78.0 83.2
2010 72.6 81.5
2011 65.5 80.4
2012 60.3 78.9
2013 60.3 78.7
2014 61.6 79.0
2015 64.2 78.2
2016 64.3 76.3
2017 66.5 76.4
2018 65.8 76.5

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 SERS, 2018

Category Percent
Equities 43.2
Fixed Income 12.0
Private Equity 16.3
Real Estate 10.5
Cash 3.1
Other 0.0
Commodities 0.0
Hedge Fund 14.9
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2018

Category Percent
Equities 48.3
Fixed Income 22.2
Private Equity 9.0
Real Estate 8.4
Cash 1.8
Other 0.3
Commodities 1.8
Hedge Fund 7.0
Misc. Alternatives 1.2

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Michigan SERS, 2001-2018

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 47.4 20.7 15.5 9.7 6.7 0.0 0.0 0.0 0.0
2002 48.7 24.2 14.7 10.5 1.9 0.0 0.0 0.0 0.0
2003 54.5 17.3 13.3 9.6 5.3 0.0 0.0 0.0 0.0
2004 59.8 17.1 12.9 7.8 2.4 0.0 0.0 0.0 0.0
2005 60.7 16.0 11.1 8.5 3.7 0.0 0.0 0.0 0.0
2006 60.8 16.3 12.0 8.7 2.2 0.0 0.0 0.0 0.0
2007 58.8 16.6 13.1 9.7 1.8 0.0 0.0 0.0 0.0
2008 50.9 16.7 17.8 11.7 2.9 0.0 0.0 0.0 0.0
2009 49.5 18.4 18.3 9.2 2.4 0.0 0.0 2.2 0.0
2010 48.6 16.0 20.6 9.2 1.9 0.0 0.0 3.7 0.0
2011 40.8 15.2 22.3 10.8 4.8 0.0 0.0 6.1 0.0
2012 40.8 13.2 20.9 10.6 6.0 0.0 0.0 8.5 0.0
2013 41.9 12.1 19.4 10.9 5.2 0.0 0.0 10.5 0.0
2014 45.1 11.7 17.2 9.2 6.2 0.0 0.0 10.6 0.0
2015 41.8 12.2 16.9 10.1 4.2 0.0 0.0 14.8 0.0
2016 42.0 13.2 15.3 10.6 3.7 0.0 0.0 15.2 0.0
2017 42.9 12.3 15.6 9.7 4.6 0.0 0.0 14.9 0.0
2018 43.2 12.0 16.3 10.5 3.1 0.0 0.0 14.9 0.0

Source: Public Plans Database


Annual Return as of September 30 for Michigan SERS, 2001-2018

Fiscal Year Michigan SERS Assumed return
2001 -11.50 8.00
2002 -10.30 8.00
2003 14.70 8.00
2004 12.40 8.00
2005 12.80 8.00
2006 12.80 8.00
2007 17.20 8.00
2008 -12.50 8.00
2009 -6.30 8.00
2010 8.50 8.00
2011 6.50 8.00
2012 13.40 8.00
2013 12.50 8.00
2014 15.50 8.00
2015 2.60 8.00
2016 7.60 8.00
2017 13.80 8.00
2018 11.40 6.70

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Michigan SERS
2001-2018

Fiscal Year Cash Flow Assets
2001 -367.1 9,616.5
2002 -249.2 8,274.1
2003 -564.9 8,924.3
2004 -594.0 9,428.5
2005 -464.4 10,132.8
2006 -491.7 10,889.9
2007 -630.6 12,103.1
2008 -476.6 9,781.2
2009 -524.7 8,583.2
2010 -526.7 8,940.1
2011 -646.0 8,654.6
2012 -712.3 9,272.3
2013 -535.8 9,922.5
2014 -477.3 10,974.8
2015 -475.5 10,731.9
2016 -533.2 10,980.3
2017 -585.0 11,807.1
2018 -682.6 12,398.0

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Michigan SERS
2001-2018

Fiscal Year Michigan SERS National Average
2001 -3.8 -2.3
2002 -3.0 -2.3
2003 -6.3 -2.6
2004 -6.3 -1.7
2005 -4.6 -1.9
2006 -4.5 -1.9
2007 -5.2 -1.7
2008 -4.9 -1.9
2009 -6.1 -2.7
2010 -5.9 -2.9
2011 -7.5 -2.8
2012 -7.7 -3.1
2013 -5.4 -3.0
2014 -4.3 -2.7
2015 -4.4 -2.8
2016 -4.9 -3.0
2017 -5.0 -2.9
2018 -5.5 -2.4

Source: Public Plans Database

National data averages are weighted by plan size.

2019 Financial Reports

Benefits

Website for Michigan SERS benefit descriptions.