Minnesota GERF Basics

  • Established 1931
  • Currently open to new hires
  • Plan covers state and local employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Minnesota GERF, 2001-2018

Fiscal Year Net Assets (billions)
2001 9.9
2002 8.9
2003 8.8
2004 10.0
2005 10.7
2006 11.8
2007 13.7
2008 12.8
2009 10.1
2010 11.3
2011 13.6
2012 13.6
2013 15.1
2014 17.4
2015 18.6
2016 18.0
2017 20.1
2018 21.6

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2018

Fiscal Year Minnesota GERF US State and Local Pensions
2001 2.8 2.5
2002 2.7 2.4
2003 2.7 2.3
2004 2.5 2.2
2005 2.5 2.1
2006 2.4 2.1
2007 2.4 2.0
2008 2.2 2.0
2009 2.2 1.9
2010 2.0 1.8
2011 1.9 1.7
2012 1.8 1.6
2013 1.8 1.5
2014 1.7 1.5
2015 1.6 1.5
2016 1.6 1.4
2017 1.6 1.4
2018 1.5 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 Minnesota GERF, 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 5.4 1.4 5.0 6.8 6.8
2002 5.4 1.4 4.8 6.8 6.8
2003 5.1 1.8 5.7 6.8 6.8
2004 5.7 1.1 7.3 6.8 6.8
2005 5.7 1.7 9.0 7.4 7.4
2006 6.0 1.7 9.3 7.7 7.7
2007 6.4 1.2 10.0 7.5 7.5
2008 6.4 1.5 10.4 7.9 7.9
2009 6.9 1.1 10.2 8.0 8.0
2010 7.1 2.1 10.5 9.2 9.2
2011 7.0 0.0 12.5 6.3 6.3
2012 7.2 0.1 12.9 7.2 7.2
2013 7.1 1.1 14.0 8.2 8.2
2014 7.1 1.8 14.4 8.9 8.9
2015 7.8 1.6 14.9 9.4 9.4
2016 8.1 1.3 14.8 9.4 9.4
2017 7.9 2.1 15.1 10.0 10.0
2018 8.0 1.7 15.9 9.7 9.7

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Minnesota GERF, 2001-2018

Fiscal Year Minnesota GERF National Data
2001 87.0 106.5
2002 85.0 101.1
2003 81.3 94.2
2004 76.7 93.1
2005 74.5 91.1
2006 74.7 90.5
2007 73.3 91.2
2008 73.6 90.2
2009 70.0 83.2
2010 76.4 81.5
2011 75.2 80.4
2012 73.5 78.9
2013 72.8 78.7
2014 73.5 79.0
2015 76.3 78.2
2016 75.5 76.3
2017 77.8 76.4
2018 78.0 76.6

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 Minnesota GERF, 2018

Category Percent
Equities 60.8
Fixed Income 24.3
Private Equity 0.0
Real Estate 0.0
Cash 1.1
Other 0.0
Commodities 0.0
Hedge Fund 0.0
Misc. Alternatives 13.8

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 1.9
Hedge Fund 7.0
Misc. Alternatives 1.2

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Minnesota GERF, 2001-2018

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 64.5 26.7 7.8 0.0 1.0 0.0 0.0 0.0 0.0
2002 63.7 27.3 8.4 0.0 0.6 0.0 0.0 0.0 0.0
2003 64.4 25.4 9.1 0.0 1.1 0.0 0.0 0.0 0.0
2004 65.1 22.8 0.0 0.0 3.6 0.0 0.0 0.0 8.4
2005 65.5 24.1 0.0 0.0 1.7 0.0 0.0 0.0 8.7
2006 63.7 23.4 0.0 0.0 2.9 0.0 0.0 0.0 10.0
2007 65.8 22.7 0.0 0.0 1.7 0.0 0.0 0.0 9.7
2008 61.7 24.3 0.0 0.0 1.0 0.0 0.0 0.0 13.0
2009 60.9 22.3 0.0 0.0 2.0 0.0 0.0 0.0 14.8
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
2015 62.2 23.6 0.0 0.0 1.9 0.0 0.0 0.0 12.3
2016 60.4 24.7 0.0 0.0 2.1 0.0 0.0 0.0 12.8
2017 66.0 19.0 0.0 0.0 2.0 0.0 0.0 0.0 13.0
2018 60.8 24.3 0.0 0.0 1.1 0.0 0.0 0.0 13.8

Source: Public Plans Database


Annual Return as of June 30 for Minnesota GERF, 2001-2018

Fiscal Year Minnesota GERF Assumed return
2001 -7.10 null
2002 -8.00 null
2003 2.40 null
2004 16.50 8.50
2005 10.70 8.50
2006 12.30 8.50
2007 18.30 8.50
2008 -5.00 7.11
2009 -18.80 7.12
2010 15.20 7.94
2011 23.30 7.93
2012 2.40 7.92
2013 14.20 7.91
2014 18.60 8.41
2015 4.40 8.00
2016 -0.10 8.00
2017 15.10 8.00
2018 10.30 7.50

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Minnesota GERF
2001-2018

Fiscal Year Cash Flow Assets
2001 -260.2 9,930.1
2002 -271.0 8,897.5
2003 -265.1 8,835.8
2004 -279.8 9,995.1
2005 -301.5 10,745.7
2006 -295.5 11,785.6
2007 -277.4 13,718.5
2008 -282.6 12,770.2
2009 -275.4 10,116.9
2010 -298.3 11,338.6
2011 -330.0 13,616.6
2012 -360.0 13,577.7
2013 -396.8 15,084.6
2014 -441.2 17,404.8
2015 -492.4 18,581.8
2016 -566.2 17,995.1
2017 -577.9 20,100.6
2018 -610.7 21,553.5

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Minnesota GERF
2001-2018

Fiscal Year Minnesota GERF National Average
2001 -2.6 -2.3
2002 -3.0 -2.3
2003 -3.0 -2.6
2004 -2.8 -1.7
2005 -2.8 -1.9
2006 -2.5 -1.9
2007 -2.0 -1.7
2008 -2.2 -1.9
2009 -2.7 -2.7
2010 -2.6 -2.9
2011 -2.4 -2.8
2012 -2.7 -3.1
2013 -2.6 -3.0
2014 -2.5 -2.7
2015 -2.7 -2.8
2016 -3.1 -3.0
2017 -2.9 -2.9
2018 -2.8 -2.4

Source: Public Plans Database

National data averages are weighted by plan size.

2018 Financial Reports

Benefits

Website for Minnesota GERF benefit descriptions.