PSERS of Michigan administers pension, disability, health insurance, and survivors benefits for employees of public school districts, colleges, and universities in the state. Assets are managed by the state treasurer, who serves as sole fiduciary.
Michigan Public School Employees Retirement System Basics, by Plan
| Plan |
Assets (millions) |
Total Members |
| Michigan Public Schools |
63,722.8 |
396,022 |
| Other Plans |
0.0 |
0 |
| Total |
63,722.8 |
396,022 |
Source: Public Plans Database (as of 2023)
Note: Michigan Public School Employees Retirement System has 0 other plans.
Assets
Assets at Year-End
Michigan Public School Employees Retirement System
2001-2023
| Fiscal Year |
Net Assets (billions) |
| 2001 |
34.8 |
| 2002 |
30.0 |
| 2003 |
33.4 |
| 2004 |
36.3 |
| 2005 |
39.4 |
| 2006 |
43.0 |
| 2007 |
48.4 |
| 2008 |
39.1 |
| 2009 |
34.5 |
| 2010 |
35.9 |
| 2011 |
34.7 |
| 2012 |
37.7 |
| 2013 |
40.0 |
| 2014 |
43.8 |
| 2015 |
42.4 |
| 2016 |
43.5 |
| 2017 |
47.0 |
| 2018 |
50.3 |
| 2019 |
50.9 |
| 2020 |
51.5 |
| 2021 |
63.3 |
| 2022 |
59.2 |
| 2023 |
63.7 |
Membership
Ratio of Actives to Beneficiaries, 2001-2023
| Fiscal Year |
Michigan Public School Employees Retirement System |
US State and Local Pensions |
| 2001 |
2.4 |
2.4 |
| 2002 |
2.4 |
2.3 |
| 2003 |
2.3 |
2.2 |
| 2004 |
2.2 |
2.1 |
| 2005 |
2.1 |
2.1 |
| 2006 |
2.0 |
2.0 |
| 2007 |
1.8 |
2.0 |
| 2008 |
1.7 |
1.9 |
| 2009 |
1.6 |
1.9 |
| 2010 |
1.3 |
1.8 |
| 2011 |
1.2 |
1.7 |
| 2012 |
1.1 |
1.6 |
| 2013 |
1.1 |
1.5 |
| 2014 |
1.0 |
1.4 |
| 2015 |
0.9 |
1.4 |
| 2016 |
0.9 |
1.4 |
| 2017 |
0.9 |
1.4 |
| 2018 |
0.8 |
1.3 |
| 2019 |
0.8 |
1.3 |
| 2020 |
0.7 |
1.3 |
| 2021 |
0.7 |
1.2 |
| 2022 |
0.7 |
1.2 |
| 2023 |
0.7 |
1.2 |
2023 Membership for Michigan Public School Employees Retirement System
| Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
| 152,236 |
226,087 |
17,699 |
396,022 |
685 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Michigan Public School Employees Retirement System
2001-2023
| Fiscal Year |
Cash Flow |
Assets |
| 2001 |
-926.5 |
34,810.2 |
| 2002 |
-1,068.8 |
30,008.0 |
| 2003 |
-1,140.2 |
33,399.9 |
| 2004 |
-1,242.0 |
36,288.5 |
| 2005 |
-1,457.7 |
39,361.4 |
| 2006 |
-1,293.2 |
42,995.4 |
| 2007 |
-1,809.5 |
48,362.9 |
| 2008 |
-1,776.3 |
39,065.7 |
| 2009 |
-1,977.2 |
34,498.4 |
| 2010 |
-2,205.9 |
35,855.5 |
| 2011 |
-2,513.3 |
34,674.7 |
| 2012 |
-2,361.3 |
37,700.4 |
| 2013 |
-2,544.8 |
40,015.5 |
| 2014 |
-2,435.1 |
43,773.2 |
| 2015 |
-2,329.0 |
42,382.4 |
| 2016 |
-2,017.0 |
43,460.6 |
| 2017 |
-2,032.3 |
47,011.8 |
| 2018 |
-1,804.7 |
50,343.5 |
| 2019 |
-2,005.9 |
50,857.2 |
| 2020 |
-2,023.7 |
51,456.2 |
| 2021 |
-1,864.9 |
63,332.2 |
| 2022 |
-1,203.7 |
59,196.6 |
| 2023 |
-303.5 |
63,722.8 |
2023 Cash Flows for Michigan Public School Employees Retirement System (millions)
| Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
| 5,292.5 |
5,596.0 |
4,829.8 |
4,526.3 |
Cash Flow as a Percentage of Assets
Michigan Public School Employees Retirement System
2001-2023
| Fiscal Year |
Michigan Public School Employees Retirement System |
National Average |
| 2001 |
-2.7 |
-2.1 |
| 2002 |
-3.6 |
-2.0 |
| 2003 |
-3.4 |
-2.5 |
| 2004 |
-3.4 |
-2.0 |
| 2005 |
-3.7 |
-2.2 |
| 2006 |
-3.0 |
-2.2 |
| 2007 |
-3.7 |
-2.1 |
| 2008 |
-4.5 |
-2.3 |
| 2009 |
-5.7 |
-3.1 |
| 2010 |
-6.2 |
-3.2 |
| 2011 |
-7.2 |
-3.1 |
| 2012 |
-6.3 |
-3.3 |
| 2013 |
-6.4 |
-3.1 |
| 2014 |
-5.6 |
-2.9 |
| 2015 |
-5.5 |
-2.8 |
| 2016 |
-4.6 |
-3.0 |
| 2017 |
-4.3 |
-2.9 |
| 2018 |
-3.6 |
-2.6 |
| 2019 |
-3.9 |
-2.6 |
| 2020 |
-3.9 |
-2.4 |
| 2021 |
-2.9 |
-2.1 |
| 2022 |
-2.0 |
-2.1 |
| 2023 |
-0.5 |
-2.1 |
