Minneapolis ERF Basics

  • Established 1919
  • Currently closed to new hires
  • Plan covers local employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Minneapolis ERF, 2001-2014

Fiscal Year Net Assets (billions)
2001 1.5
2002 1.3
2003 1.2
2004 1.3
2005 1.3
2006 1.3
2007 1.4
2008 1.2
2009 0.9
2010 0.8
2011 0.9
2012 0.8
2013 0.9
2014 0.9

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2014

Fiscal Year Minneapolis ERF US State and Local Pensions
2001 0.2 2.5
2002 0.2 2.4
2003 0.1 2.3
2004 0.1 2.2
2005 0.1 2.1
2006 0.1 2.1
2007 0.1 2.0
2008 0.0 2.0
2009 0.0 1.9
2010 0.0 1.8
2011 0.0 1.7
2012 0.0 1.6
2013 0.0 1.5
2014 0.0 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 Minneapolis ERF, 2001-2014

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 37.6 0.0 5.0 25.4 25.4
2002 48.7 0.0 4.8 30.8 30.8
2003 99.2 0.0 5.7 36.4 36.4
2004 136.6 0.0 7.3 42.4 42.4
2005 70.6 0.0 9.0 52.7 52.7
2006 207.5 0.0 9.3 64.4 64.4
2007 165.0 0.0 10.0 85.7 85.7
2008 109.4 67.7 10.4 177.1 177.1
2009 142.5 222.1 10.2 364.6 364.6
2010 124.4 699.4 10.5 823.8 823.8
2011 354.0 175.1 12.5 529.0 529.0
2012 939.9 0.0 12.9 515.7 515.7
2013 1,269.1 0.0 14.0 765.6 765.6
2014 1,460.5 0.0 14.4 770.5 770.5

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Minneapolis ERF, 2001-2014

Fiscal Year Minneapolis ERF National Data
2001 93.3 106.5
2002 92.4 101.1
2003 92.3 94.2
2004 92.1 93.1
2005 91.7 91.1
2006 92.1 90.5
2007 85.9 91.2
2008 76.4 90.2
2009 55.9 83.2
2010 65.6 81.5
2011 73.5 80.4
2012 69.1 78.9
2013 74.4 78.7
2014 82.0 79.0

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 Minneapolis ERF, 2014

Category Percent
Equities 61.4
Fixed Income 23.4
Private Equity 0.0
Real Estate 0.0
Cash 2.6
Other 0.0
Commodities 0.0
Hedge Fund 0.0
Misc. Alternatives 12.6

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2014

Category Percent
Equities 51.5
Fixed Income 21.5
Private Equity 8.5
Real Estate 7.7
Cash 2.2
Other 0.1
Commodities 1.2
Hedge Fund 6.3
Misc. Alternatives 1.0

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Minneapolis ERF, 2001-2014

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 46.8 37.0 0.0 3.9 8.1 4.1 0.0 0.0 0.0
2002 48.9 37.2 0.0 4.0 6.9 3.0 0.0 0.0 0.0
2003 46.8 30.7 0.0 4.3 15.5 2.6 0.0 0.0 0.0
2004 49.9 35.8 0.0 4.5 2.7 7.0 0.0 0.0 0.0
2005 55.5 38.3 0.0 5.2 1.1 0.0 0.0 0.0 0.0
2006 47.4 30.4 0.0 4.6 2.0 15.6 0.0 0.0 0.0
2007 48.4 31.5 0.0 3.8 2.6 13.7 0.0 0.0 0.0
2008 49.9 33.6 0.0 4.2 2.5 9.8 0.0 0.0 0.0
2009 55.5 26.0 0.0 0.0 2.8 15.8 0.0 0.0 0.0
2010 57.8 24.9 0.0 0.0 2.0 0.0 0.0 0.0 15.3
2011 60.8 22.2 0.0 0.0 2.4 0.0 0.0 0.0 14.6
2012 60.1 22.3 0.0 0.0 1.9 0.0 0.0 0.0 15.7
2013 60.0 23.0 0.0 0.0 2.5 0.0 0.0 0.0 14.5
2014 61.4 23.4 0.0 0.0 2.6 0.0 0.0 0.0 12.6

Source: Public Plans Database


Annual Return as of June 30 for Minneapolis ERF, 2001-2014

Fiscal Year Minneapolis ERF Assumed return
2001 -6.30 6.00
2002 -7.30 6.00
2003 2.20 6.00
2004 16.50 6.00
2005 10.40 6.00
2006 10.40 6.00
2007 16.90 6.00
2008 -5.00 6.00
2009 -17.50 6.00
2010 15.20 8.50
2011 23.30 8.50
2012 2.40 8.00
2013 14.20 8.00
2014 18.60 8.00

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Minneapolis ERF
2001-2014

Fiscal Year Cash Flow Assets
2001 -101.5 1,463.7
2002 -111.6 1,250.3
2003 -86.6 1,194.9
2004 -89.7 1,282.7
2005 -119.0 1,288.1
2006 -98.0 1,314.0
2007 -117.7 1,405.7
2008 -133.1 1,211.3
2009 -134.8 853.4
2010 -135.1 844.0
2011 -115.8 911.0
2012 -86.6 842.8
2013 -82.1 868.8
2014 -78.9 935.9

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Minneapolis ERF
2001-2014

Fiscal Year Minneapolis ERF National Average
2001 -6.9 -2.3
2002 -8.9 -2.3
2003 -7.2 -2.6
2004 -7.0 -1.7
2005 -9.2 -1.9
2006 -7.5 -1.9
2007 -8.4 -1.7
2008 -11.0 -1.9
2009 -15.8 -2.7
2010 -16.0 -2.9
2011 -12.7 -2.8
2012 -10.3 -3.1
2013 -9.5 -3.0
2014 -8.4 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

2015 Financial Reports

Benefits

Website for Minneapolis ERF benefit descriptions.