Last verified 2026-10-01

Michigan SERS — assets, returns and funding

Q: How much does Michigan SERS have in assets?

Michigan SERS reported $15.1bn in total assets for fiscal year 2025, as compiled by the Public Plans Database.

Q: What return did Michigan SERS make on its investments?

Michigan SERS reported a 9.8% one-year investment return for fiscal year 2025, and 9.5% a year over the past ten years, per the Public Plans Database.

Q: Is Michigan SERS fully funded?

Michigan SERS was 77.6% funded for fiscal year 2025 — below the ~80% mark many treat as reasonably sound. US public plans face no federal funding minimum, and actuaries add that the trend matters more than any single line (Public Plans Database).

Q: How is Michigan SERS's money invested?

Michigan SERS held 37.6% of its assets in public equities and 20.6% in private equity, its largest sleeves for fiscal year 2025 (Public Plans Database).

Pensions: all tracked plans · Australian super in numbers · Private market performance · the PE statistics · what plans disclose · where they diverge

Newest reported year for this plan: fiscal year 2025 — public plans publish audited figures 6–12 months after year end, and the database compiles them in batches, so this is the current public record, not a stale copy.

Michigan SERS (Michigan) reported $15.1bn of assets for fiscal year 2025, a one-year investment return of 9.8%, and was 77.6% funded — below the ~80% mark the industry reads as sound.

Total assets (FY 2025)	$15.1bn
1-year return	9.8%
5-year return (annualised)	10.7%
10-year return (annualised)	9.5%
Funded ratio (GASB)	77.6%

How the money is invested (asset allocation)

Michigan SERS held 37.6% of its assets in public equities and 20.6% in private equity for fiscal year 2025 — the largest of 7 sleeves it reports, with the rest below:

Public equities	37.6%
Private equity	20.6%
Fixed income (bonds)	10.1%
Hedge funds	9.3%
Commodities	9.2%
Real estate	8.5%
Cash	4.6%

The plans most worth reading Michigan SERS against — similar in size, or invested in the same managers — side by side, each with its own page for the detail:

Plan	Assets	1-yr return	Funded ratio	Why comparable
Michigan Public Schools	$78.7bn	9.8%	74.6%	Same state — Michigan
Michigan Municipal	$14.9bn	15.4%	75.2%	Same state — Michigan
Detroit (MI) Police and Fire	$2.8bn	10.0%	129.1%	Same state — Michigan
Detroit (MI) General RS	$1.8bn	10.3%	67.3%	Same state — Michigan
South Dakota RS	$15.3bn	5.5%	100.1%	Similar size
Sacramento County (CA) ERS	$14.6bn	10.8%	87.2%	Similar size

Questions this page answers

How much does Michigan SERS have in assets?

Michigan SERS reported $15.1bn in total assets for fiscal year 2025, as compiled by the Public Plans Database.

What return did Michigan SERS make on its investments?

Michigan SERS reported a 9.8% one-year investment return for fiscal year 2025, and 9.5% a year over the past ten years, per the Public Plans Database.

Is Michigan SERS fully funded?

Michigan SERS was 77.6% funded for fiscal year 2025 — below the ~80% mark many treat as reasonably sound. US public plans face no federal funding minimum, and actuaries add that the trend matters more than any single line (Public Plans Database).

How is Michigan SERS's money invested?

Michigan SERS held 37.6% of its assets in public equities and 20.6% in private equity, its largest sleeves for fiscal year 2025 (Public Plans Database).

Figures as reported for fiscal year 2025 · Data: Public Plans Database (Center for Retirement Research at Boston College / MissionSquare Research Institute / NASRA) — used with attribution under its non-commercial terms · Refresh: quarterly pull, annual figures · Limitations: public plans report with a lag — FY figures arrive months after year end; returns are as reported by the plan, net/gross basis varies by plan

See also: all tracked plans · how the private-equity funds these plans invest in have actually performed, from the plans' own disclosures: private market performance, and where plans' numbers diverge on the same fund.