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, 2001-2023

Fiscal Year Net Assets (billions)
2001 9.93
2002 8.90
2003 8.84
2004 10.00
2005 10.75
2006 11.79
2007 13.72
2008 12.77
2009 10.12
2010 11.34
2011 13.62
2012 13.58
2013 15.08
2014 17.40
2015 18.58
2016 18.00
2017 20.10
2018 21.55
2019 22.44
2020 22.63
2021 28.59
2022 26.03
2023 27.50

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2023

Fiscal Year Minnesota GERF US State and Local Pensions
2001 2.8 2.4
2002 2.7 2.3
2003 2.7 2.2
2004 2.5 2.1
2005 2.5 2.1
2006 2.4 2.0
2007 2.4 2.0
2008 2.2 1.9
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 1.4
2015 1.6 1.4
2016 1.6 1.4
2017 1.6 1.4
2018 1.5 1.3
2019 1.5 1.3
2020 1.4 1.3
2021 1.3 1.2
2022 1.3 1.2
2023 1.3 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 Minnesota GERF, 2001-2023

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 5.4 1.4 5.3 6.8
2002 5.4 1.4 5.2 6.8
2003 5.1 1.8 6.0 6.8
2004 5.7 1.1 7.8 6.8
2005 5.7 1.7 9.6 7.4
2006 6.0 1.7 9.9 7.7
2007 6.4 1.2 10.6 7.5
2008 6.4 1.5 11.0 7.9
2009 6.9 1.1 11.0 8.0
2010 7.1 2.1 11.6 9.2
2011 7.0 0.0 13.4 6.3
2012 7.2 0.1 14.1 7.2
2013 7.1 1.1 15.1 8.2
2014 7.1 1.8 15.7 8.9
2015 7.8 1.6 15.7 9.4
2016 8.1 1.3 15.6 9.4
2017 7.9 2.1 15.5 10.0
2018 8.0 1.7 16.2 9.7
2019 8.1 0.0 16.4 7.0
2020 7.8 0.0 16.8 6.8
2021 8.0 0.0 17.4 6.6
2022 8.0 0.0 18.1 5.2
2023 8.0 0.0 17.4 4.8

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Minnesota GERF, 2001-2023

Fiscal Year Minnesota GERF National Data
2001 87.0 101.7
2002 85.0 94.6
2003 81.3 88.8
2004 76.7 87.0
2005 74.5 85.4
2006 74.7 85.2
2007 73.3 86.3
2008 73.6 84.4
2009 70.0 78.4
2010 76.4 75.7
2011 75.2 74.3
2012 73.5 72.3
2013 72.8 71.8
2014 73.5 73.2
2015 76.3 73.2
2016 75.5 71.6
2017 77.8 72.0
2018 78.0 72.4
2019 78.6 72.5
2020 79.6 72.6
2021 85.3 75.8
2022 87.4 76.2
2023 83.6 74.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

Asset Allocation for Minnesota GERF, 2023

Category Percent
Equities 52.0
Fixed Income 22.0
Private Equity 26.0
Real Estate 0.0
Cash 0.0
Other 0.0
Commodities 0.0
Hedge Fund 0.0
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2023

Category Percent
Equities 42.2
Fixed Income 20.5
Private Equity 14.0
Real Estate 10.5
Cash 1.8
Other 0.1
Commodities 2.7
Hedge Fund 6.6
Misc. Alternatives 1.8

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Minnesota GERF, 2001-2023

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 65.2 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 65.9 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
2019 62.3 20.4 0.0 0.0 2.8 0.0 0.0 0.0 14.5
2020 63.0 21.0 0.0 0.0 0.0 0.0 0.0 0.0 16.0
2021 51.0 23.0 8.0 0.0 0.0 0.0 0.0 0.0 18.0
2022 50.0 23.0 27.0 0.0 0.0 0.0 0.0 0.0 0.0
2023 52.0 22.0 26.0 0.0 0.0 0.0 0.0 0.0 0.0

Source: Public Plans Database

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Annual Return as of June 30 for Minnesota GERF, 2001-2023

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
2019 7.30 7.50
2020 4.20 7.50
2021 30.30 7.50
2022 -6.40 7.50
2023 8.90 7.00

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Minnesota GERF
2001-2023

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
2019 -659.9 22,441.0
2020 -740.8 22,631.5
2021 -756.7 28,587.7
2022 -804.4 26,034.2
2023 -806.2 27,500.8

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
Minnesota GERF
2001-2023

Fiscal Year Minnesota GERF National Average
2001 -2.6 -2.0
2002 -3.0 -2.4
2003 -3.0 -2.5
2004 -2.8 -1.8
2005 -2.8 -2.2
2006 -2.5 -2.2
2007 -2.0 -2.0
2008 -2.2 -2.1
2009 -2.7 -3.1
2010 -2.6 -3.2
2011 -2.4 -3.0
2012 -2.7 -3.2
2013 -2.6 -3.1
2014 -2.5 -2.9
2015 -2.7 -2.7
2016 -3.1 -2.9
2017 -2.9 -2.8
2018 -2.8 -2.4
2019 -2.9 -2.4
2020 -3.3 -2.3
2021 -2.6 -2.0
2022 -3.1 -1.9
2023 -2.9 -1.9

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for Minnesota GERF benefit descriptions.