State Data » Minnesota » Minnesota State Retirement System » Minnesota State Employees

Minnesota State Employees Basics

  • Established 1929
  • Currently open to new hires
  • Plan covers state employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Minnesota State Employees, 2001-2019

Fiscal Year Net Assets (billions)
2001 6.9
2002 6.2
2003 6.2
2004 7.0
2005 7.5
2006 8.2
2007 9.5
2008 8.8
2009 6.9
2010 7.7
2011 9.2
2012 9.1
2013 10.0
2014 11.5
2015 11.6
2016 11.2
2017 12.5
2018 13.3
2019 13.8

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2019

Fiscal Year Minnesota State Employees US State and Local Pensions
2001 2.5 2.5
2002 2.4 2.4
2003 2.2 2.3
2004 2.1 2.2
2005 2.0 2.1
2006 2.0 2.1
2007 1.9 2.0
2008 1.8 2.0
2009 1.8 1.9
2010 1.7 1.8
2011 1.6 1.7
2012 1.5 1.6
2013 1.5 1.5
2014 1.4 1.5
2015 1.3 1.5
2016 1.3 1.4
2017 1.3 1.4
2018 1.3 1.3
2019 1.2 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 Minnesota State Employees, 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 5.2 0.0 5.0 4.0 4.0
2002 6.1 0.0 4.8 4.0 4.0
2003 4.0 0.2 5.7 4.2 4.2
2004 4.0 1.3 7.3 5.3 5.3
2005 4.1 1.0 9.0 5.1 5.1
2006 4.1 2.2 9.3 6.3 6.3
2007 4.1 1.7 10.0 5.8 5.8
2008 4.3 3.1 10.4 7.4 7.4
2009 4.6 3.1 10.2 7.7 7.7
2010 4.9 5.0 10.5 9.9 9.9
2011 4.9 1.1 12.5 6.0 6.0
2012 4.9 1.2 12.9 6.0 6.0
2013 4.9 2.4 13.9 7.3 7.3
2014 4.9 2.6 14.5 7.4 7.4
2015 5.4 1.9 14.9 7.3 7.3
2016 5.4 1.5 14.8 6.9 6.9
2017 5.4 3.6 15.1 9.0 9.0
2018 5.4 2.3 18.1 7.7 7.7
2019 5.8 0.0 18.9 5.8 5.8

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Minnesota State Employees, 2001-2019

Fiscal Year Minnesota State Employees National Data
2001 112.1 106.5
2002 104.5 101.1
2003 99.1 94.2
2004 100.1 93.1
2005 95.6 91.1
2006 96.2 90.5
2007 92.5 91.2
2008 90.2 90.2
2009 85.9 83.2
2010 87.3 81.5
2011 86.3 80.4
2012 82.7 78.9
2013 82.0 78.7
2014 83.0 79.0
2015 85.7 78.2
2016 81.6 76.3
2017 85.2 76.4
2018 88.8 76.5
2019 88.9 76.0

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 Minnesota State Employees, 2019

Category Percent
Equities 62.2
Fixed Income 20.3
Private Equity 0.0
Real Estate 0.0
Cash 2.9
Other 0.0
Commodities 0.0
Hedge Fund 0.0
Misc. Alternatives 14.6

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.1
Fixed Income 22.6
Private Equity 9.3
Real Estate 9.1
Cash 1.6
Other 0.0
Commodities 1.9
Hedge Fund 6.8
Misc. Alternatives 1.6

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Minnesota State Employees, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 61.8 24.2 0.0 4.0 0.9 0.0 0.0 0.0 9.1
2002 62.3 24.2 0.0 0.0 0.2 0.0 0.0 0.0 13.3
2003 62.1 23.5 0.0 0.0 0.5 0.0 0.0 0.0 13.9
2004 63.3 21.0 0.0 0.0 1.0 0.0 0.0 0.0 12.7
2005 65.6 23.4 0.0 0.0 1.2 0.0 0.0 0.0 9.8
2006 64.8 23.1 0.0 0.0 0.9 0.0 0.0 0.0 11.2
2007 65.9 22.1 0.0 0.0 1.1 0.0 0.0 0.0 10.9
2008 61.3 23.6 0.0 0.0 0.6 0.0 0.0 0.0 14.5
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 64.9 19.4 0.0 0.0 2.6 0.0 0.0 0.0 13.1
2018 60.7 24.3 0.0 0.0 1.2 0.0 0.0 0.0 13.8
2019 62.2 20.3 0.0 0.0 2.9 0.0 0.0 0.0 14.6

Source: Public Plans Database


Annual Return as of June 30 for Minnesota State Employees, 2001-2019

Fiscal Year Minnesota State Employees Assumed return
2001 -7.10 null
2002 -8.20 null
2003 2.40 null
2004 16.50 8.50
2005 10.70 8.50
2006 12.30 8.50
2007 18.30 7.13
2008 -5.00 7.13
2009 -18.80 7.13
2010 15.20 7.26
2011 23.30 7.33
2012 2.40 6.99
2013 14.20 7.27
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

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Minnesota State Employees
2001-2019

Fiscal Year Cash Flow Assets
2001 -139.5 6,890.9
2002 -155.4 6,199.7
2003 -161.8 6,164.1
2004 -185.0 6,966.6
2005 -200.3 7,511.1
2006 -217.4 8,221.0
2007 -235.0 9,507.0
2008 -242.6 8,803.1
2009 -246.9 6,897.1
2010 -260.4 7,692.5
2011 -285.6 9,196.2
2012 -336.7 9,098.1
2013 -361.5 10,033.5
2014 -385.5 11,498.6
2015 -391.9 11,638.3
2016 -426.4 11,223.1
2017 -452.7 12,485.6
2018 -490.2 13,293.4
2019 -501.9 13,772.3

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Minnesota State Employees
2001-2019

Fiscal Year Minnesota State Employees National Average
2001 -2.0 -2.3
2002 -2.5 -2.3
2003 -2.6 -2.6
2004 -2.7 -1.7
2005 -2.7 -1.9
2006 -2.6 -1.9
2007 -2.5 -1.7
2008 -2.8 -1.9
2009 -3.6 -2.7
2010 -3.4 -2.9
2011 -3.1 -2.8
2012 -3.7 -3.1
2013 -3.6 -3.0
2014 -3.4 -2.7
2015 -3.4 -2.8
2016 -3.8 -3.0
2017 -3.6 -2.9
2018 -3.7 -2.4
2019 -3.6 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

2019 Financial Reports

Benefits

Website for Minnesota State Employees benefit descriptions.