The Minnesota SRS administers pension and other benefits for state employees and employees of universities, cities, counties, school districts, and other political subdivisions and other entities that have elected to participate. Participating employees generally are those not eligible to participate in the MN Teachers Retirement Association or the MN Public Employees' Retirement Association. The system consists of six defined benefit plans and two defined contribution plans. SRS assets are managed by the State Board of Investment.
Minnesota State Retirement System Basics, by Plan
| Plan |
Assets (millions) |
Total Members |
| Minnesota State Employees |
17,440.1 |
113,636 |
| Other Plans |
2,815.5 |
23,557 |
| Total |
20,255.5 |
137,193 |
Source: Public Plans Database (as of 2021)
Note: Minnesota State Retirement System has 5 other plans.
Assets
Assets at Year-End
Minnesota State Retirement System
2002-2021
| Fiscal Year |
Net Assets (billions) |
| 2002 |
7.2 |
| 2003 |
7.1 |
| 2004 |
8.1 |
| 2005 |
8.6 |
| 2006 |
9.5 |
| 2007 |
11.0 |
| 2008 |
10.1 |
| 2009 |
7.9 |
| 2010 |
8.9 |
| 2011 |
10.6 |
| 2012 |
10.5 |
| 2013 |
11.5 |
| 2014 |
13.2 |
| 2015 |
13.4 |
| 2016 |
12.9 |
| 2017 |
14.4 |
| 2018 |
15.3 |
| 2019 |
15.9 |
| 2020 |
16.1 |
| 2021 |
20.3 |
Membership
Ratio of Actives to Beneficiaries, 2002-2021
| Fiscal Year |
Minnesota State Retirement System |
US State and Local Pensions |
| 2002 |
2.3 |
2.3 |
| 2003 |
0.9 |
2.2 |
| 2004 |
2.0 |
2.1 |
| 2005 |
2.0 |
2.1 |
| 2006 |
2.0 |
2.0 |
| 2007 |
1.9 |
2.0 |
| 2008 |
1.8 |
1.9 |
| 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 |
1.4 |
| 2015 |
1.3 |
1.4 |
| 2016 |
1.3 |
1.4 |
| 2017 |
1.3 |
1.4 |
| 2018 |
1.2 |
1.3 |
| 2019 |
1.2 |
1.3 |
| 2020 |
1.2 |
1.3 |
| 2021 |
1.1 |
1.3 |
2021 Membership for Minnesota State Retirement System
| Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
| 56,637 |
51,030 |
18,860 |
137,193 |
729 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Minnesota State Retirement System
2002-2021
| Fiscal Year |
Cash Flow |
Assets |
| 2002 |
-182.9 |
7,194.9 |
| 2003 |
-191.3 |
7,147.9 |
| 2004 |
-222.7 |
8,065.6 |
| 2005 |
-240.1 |
8,640.8 |
| 2006 |
-255.7 |
9,495.6 |
| 2007 |
-278.4 |
10,955.7 |
| 2008 |
-281.7 |
10,143.2 |
| 2009 |
-287.4 |
7,947.5 |
| 2010 |
-301.1 |
8,859.9 |
| 2011 |
-328.0 |
10,578.7 |
| 2012 |
-382.4 |
10,467.2 |
| 2013 |
-414.7 |
11,540.7 |
| 2014 |
-440.0 |
13,226.8 |
| 2015 |
-444.9 |
13,389.9 |
| 2016 |
-482.2 |
12,918.5 |
| 2017 |
-501.8 |
14,386.2 |
| 2018 |
-540.3 |
15,339.9 |
| 2019 |
-547.2 |
15,921.7 |
| 2020 |
-550.2 |
16,053.6 |
| 2021 |
-581.7 |
20,255.5 |
2021 Cash Flows for Minnesota State Retirement System (millions)
| Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
| 551.1 |
1,132.8 |
4,783.7 |
4,202.0 |
Cash Flow as a Percentage of Assets
Minnesota State Retirement System
2002-2021
| Fiscal Year |
Minnesota State Retirement System |
National Average |
| 2002 |
-2.5 |
-2.4 |
| 2003 |
-2.7 |
-2.6 |
| 2004 |
-2.8 |
-2.0 |
| 2005 |
-2.8 |
-2.2 |
| 2006 |
-2.7 |
-2.2 |
| 2007 |
-2.5 |
-2.1 |
| 2008 |
-2.8 |
-2.3 |
| 2009 |
-3.6 |
-3.1 |
| 2010 |
-3.4 |
-3.2 |
| 2011 |
-3.1 |
-3.1 |
| 2012 |
-3.7 |
-3.3 |
| 2013 |
-3.6 |
-3.2 |
| 2014 |
-3.3 |
-2.9 |
| 2015 |
-3.3 |
-2.8 |
| 2016 |
-3.7 |
-3.0 |
| 2017 |
-3.5 |
-2.9 |
| 2018 |
-3.5 |
-2.6 |
| 2019 |
-3.4 |
-2.6 |
| 2020 |
-3.4 |
-2.4 |
| 2021 |
-2.9 |
-2.1 |
