Exhibit A-5 SMRS Profile 6.30.21.pdf
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- Attached to
- TREAS_BOI - Investment Consulting Services
- Solicitation number
- RFP 171 210000002288 3
- Issued by
- Grand Traverse County, Michigan
About this file
This document is a State of Michigan Retirement System Profile dated June 30, 2021, presenting a comprehensive overview of the State of Michigan's public pension and retirement system assets and allocation strategies. The profile encompasses four retirement plans: the Michigan Public School Employees' Retirement System (MPSERS), which represents 77.1% of combined assets at $72.563 billion; the Michigan State Employees' Retirement System (MSERS, currently closed) at 20.3% or $19.045 billion; the Michigan State Police Retirement System (MSPRS) at 2.3% or $2.159 billion; and the Michigan Judges Retirement System (MJRS, currently closed) at 0.3% or $311 million. The total combined market value of pension and Other Post Employment Benefits (OPEB) reached $94.078 billion as of June 30, 2021, representing an increase from $72.201 billion the prior year.
The system's asset allocation reflects a diversified investment strategy across multiple categories: domestic equity comprises 23.6% ($22.169 billion), private equity 22.1% ($20.826 billion), international equity 17.1% ($16.043 billion), real return and opportunistic investments 12.6% ($11.880 billion), fixed income 10.2% ($9.616 billion), real estate and infrastructure 6.8% ($6.373 billion), absolute return 5.1% ($4.810 billion), and short-term investments 2.5% ($2.361 billion). The State of Michigan Retirement System ranks as the 15th largest state public retirement system in the United States according to the February 2021 Pensions & Investments survey. The combined net payout for all plans in fiscal year 2020 was $1.6 billion, with cumulative payouts totaling $22.9 billion from fiscal year 2010 through 2020, representing benefits paid to retirees exceeding employer and employee contributions.
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Text version
STATE OF MICHIGAN RETIREMENT SYSTEM
PROFILE - JUNE 2021
Asset Allocation By Market Value (In Millions)
6/30/2021 6/30/2020 Domestic Equity $22,169 23.6% $15,080 20.9% Private Equity 20,826 22.1% 13,779 19.1% Pension Plan OPEB** Combined International Equity 16,043 17.1% 11,458 15.9% Mkt. Value Mkt. Value Mkt. Value %
11,880 12.6% 8,884 12.3%
9,616 10.2% 9,163 12.7% MPSERS $62,434 $10,129 $72,563 77.1%
6,373 6.8% 6,295 8.7% MSERS - (closed) 14,385 4,660 19,045 20.3%
Absolute Return 4,810 5.1% 4,179 5.8% MSPRS 1,811 348 2,159 2.3% Short Term*** 2,361 2.5% 3,363 4.6% MJRS - (closed) 300 11 311 0.3%
TOTAL $94,078 100.0% $72,201 100.0% TOTAL $78,930 $15,148 $94,078 100.0%
MSERS includes the Military Pension Fund
Short Term Strategy*** $2.4 Short Term in Other Inv. Strategies 2.5 TOTAL SHORT TERM $4.9 5.2% of Total Funds
*The combined net payout for the plans for FY 2020 was $1.6 billion with $22.9 billion paid out FY 2010 thru FY 2020 (Pension CAFRs). This represents the amount paid to beneficiaries in excess of employer and employee contributions.
**OPEB - Other Post Employment Benefits
Investment Strategies Market Value By Plan ~ 6/30/21 (in Millions)
Real Return & Opportunistic Fixed Income Real Estate & Infrastructure
Short Term Equivalents (in Billions) 15th Largest State Public Retirement System in the U.S.
Pensions & Investments survey - February 8, 2021 issue
Private Equity 22.1%
International Equity 17.1%
Fixed Income 10.2%
Real Return & Opportunistic
12.6%
Absolute Return 5.1%
Short Term 2.5%
Domestic Equity 23.6%
Real Estate & Infrastructure
6.8%
Asset Allocation ~ 6/30/21
$48.1 $51.0 $56.6 $60.7 $60.1 $62.2
$69.9 $69.5
$77.7 $84.2
$94.1
$0
$20
$40
$60
$80
$100
Market Value* (Billions of Dollars)
Exhibit A-5
File details come from the government source that posted it. Updated .