The Massachusetts SERS administers pension and other benefits for substantially all state employees. The Public Employee Retirement Administration Commission (PERAC) provides oversight of and actuarial services for the TRS and the other 105 public retirement systems in the state. Assets are managed by the Pension Reserves Investment Management Board (PRIM).
Massachusetts State Employees' Retirement System Basics, by Plan
Plan |
Assets (millions) |
Total Members |
Massachusetts SRS |
35,357.5 |
161,942 |
Other Plans |
0 |
0 |
Total |
35,357.5 |
161,942 |
Source: Public Plans Database (as of 2023)
Note: Massachusetts State Employees' Retirement System has 0 other plans.
Assets
Assets at Year-End
Massachusetts State Employees' Retirement System
2001-2023
Fiscal Year |
Net Assets (billions) |
2001 |
14.3 |
2002 |
13.6 |
2003 |
12.1 |
2004 |
14.8 |
2005 |
16.5 |
2006 |
18.1 |
2007 |
21.9 |
2008 |
21.0 |
2009 |
15.4 |
2010 |
17.0 |
2011 |
20.1 |
2012 |
19.4 |
2013 |
21.1 |
2014 |
23.9 |
2015 |
24.0 |
2016 |
24.0 |
2017 |
26.3 |
2018 |
28.0 |
2019 |
28.8 |
2020 |
28.6 |
2021 |
36.0 |
2022 |
34.1 |
2023 |
35.4 |
Membership
Ratio of Actives to Beneficiaries, 2001-2023
Fiscal Year |
Massachusetts State Employees' Retirement System |
US State and Local Pensions |
2001 |
2.0 |
2.4 |
2002 |
2.0 |
2.3 |
2003 |
1.7 |
2.2 |
2004 |
1.6 |
2.1 |
2005 |
1.6 |
2.1 |
2006 |
1.6 |
2.0 |
2007 |
1.7 |
2.0 |
2008 |
1.7 |
1.9 |
2009 |
1.7 |
1.9 |
2010 |
1.6 |
1.8 |
2011 |
1.6 |
1.7 |
2012 |
1.6 |
1.6 |
2013 |
1.6 |
1.5 |
2014 |
1.6 |
1.4 |
2015 |
1.5 |
1.4 |
2016 |
1.4 |
1.4 |
2017 |
1.4 |
1.4 |
2018 |
1.4 |
1.3 |
2019 |
1.4 |
1.3 |
2020 |
1.3 |
1.3 |
2021 |
1.3 |
1.2 |
2022 |
1.3 |
1.2 |
2023 |
1.3 |
1.2 |
2023 Membership for Massachusetts State Employees' Retirement System
Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
87,554 |
69,167 |
5,221 |
161,942 |
1 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Massachusetts State Employees' Retirement System
2001-2023
Fiscal Year |
Cash Flow |
Assets |
2001 |
-59.8 |
14,293.3 |
2002 |
-47.2 |
13,597.5 |
2003 |
-239.1 |
12,128.1 |
2004 |
-342.5 |
14,834.3 |
2005 |
-351.5 |
16,489.2 |
2006 |
-835.5 |
18,143.2 |
2007 |
-570.2 |
21,853.8 |
2008 |
-346.1 |
21,001.1 |
2009 |
-466.1 |
15,390.7 |
2010 |
-343.8 |
16,992.7 |
2011 |
-550.6 |
20,081.6 |
2012 |
-572.7 |
19,396.0 |
2013 |
-729.4 |
21,085.0 |
2014 |
-716.9 |
23,930.9 |
2015 |
-689.2 |
24,042.6 |
2016 |
-494.4 |
23,971.2 |
2017 |
-676.6 |
26,282.2 |
2018 |
-748.0 |
27,995.0 |
2019 |
-774.6 |
28,763.8 |
2020 |
-763.8 |
28,567.3 |
2021 |
-760.2 |
36,039.5 |
2022 |
-610.9 |
34,131.1 |
2023 |
-689.8 |
35,357.5 |
2023 Cash Flows for Massachusetts State Employees' Retirement System (millions)
Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
2,327.8 |
3,017.6 |
1,916.2 |
1,226.4 |
Cash Flow as a Percentage of Assets
Massachusetts State Employees' Retirement System
2001-2023
Fiscal Year |
Massachusetts State Employees' Retirement System |
National Average |
2001 |
-0.4 |
-2.1 |
2002 |
-0.3 |
-2.0 |
2003 |
-2.0 |
-2.5 |
2004 |
-2.3 |
-2.0 |
2005 |
-2.1 |
-2.2 |
2006 |
-4.6 |
-2.2 |
2007 |
-2.6 |
-2.1 |
2008 |
-1.6 |
-2.3 |
2009 |
-3.0 |
-3.1 |
2010 |
-2.0 |
-3.2 |
2011 |
-2.7 |
-3.1 |
2012 |
-3.0 |
-3.3 |
2013 |
-3.5 |
-3.1 |
2014 |
-3.0 |
-2.9 |
2015 |
-2.9 |
-2.8 |
2016 |
-2.1 |
-3.0 |
2017 |
-2.6 |
-2.9 |
2018 |
-2.7 |
-2.6 |
2019 |
-2.7 |
-2.6 |
2020 |
-2.7 |
-2.4 |
2021 |
-2.1 |
-2.1 |
2022 |
-1.8 |
-2.1 |
2023 |
-2.0 |
-2.1 |