Financial Reports & Policies

Investment Update

The City of Milwaukee Pension Fund had a return of 4.6%, net of fees, in the second quarter of 2025. This return underperformed the Fund’s blended benchmark by approximately 0.1%. The quarter got off to a rocky start, as the “Liberation Day” tariff announcement on April 2nd caused the S&P 500 to fall over 12% in the subsequent five trading days. However, markets rebounded once the 90-day pause on implementation was announced, and stocks finished the quarter on a positive note. The Fund’s public equity allocation earned a return of 9.1%, net of fees, in the quarter. The Fund’s fixed income allocation was up 1.9%, net of fees, and the Fund’s absolute return allocation was up 3.2%, net of fees. As is typical because of the extra time it takes for private companies to complete their year-end reporting, both Q4 2024 and Q1 2025 private equity values were reflected this quarter, and the combined return was 2.3%. The Fund’s real estate allocation was up 0.9%, net of fees, in Q1 2025, which is the most recent data available. As of June 30, 2025, the Fund was outperforming its benchmark, net of fees, over numerous longer time periods, including the trailing 5, 10, 15, and 20-year time periods. The market value of the Fund on June 30, 2025 totaled approximately $6.18 billion.

 

Allocation June 30, 2025

Financial Reports

Annuity & Pension Board's Report

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

 
Actuarial Valuations

ERS - 2025

ERS - 2024

ERS - 2023 Revised for Act 12

ERS - 2023

ERS - 2022

ERS - 2021

ERS - 2020

ERS - 2019

ERS - 2018

ERS - 2017          PABF - 2017

ERS - 2016          PABF - 2016

ERS - 2015          PABF - 2015

ERS - 2014          PABF - 2014

ERS - 2013          PABF - 2013

ERS - 2012          PABF - 2012

ERS - 2011          PABF - 2011

 

Capital Market Summaries

2025: 1Q    2Q

2024: 1Q    2Q    3Q    4Q

2023: 1Q    2Q    3Q    4Q

2022: 1Q    2Q    3Q    4Q

2021: 1Q    2Q    3Q    4Q

2020: 1Q    2Q    3Q    4Q

2019: 1Q    2Q    3Q    4Q

2018: 1Q    2Q    3Q    4Q

2017: 1Q    2Q    3Q    4Q

2016: 1Q    2Q    3Q    4Q

 

GASB 67 Plan Reports

2023

2022

2021

2020

2019

2018

 

Note: Prior to 2018, GASB 67 Plan Reports were included as a part of our actuarial valuations.

Annual Comprehensive Financial Reports / Financial Statements

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

 
Schedules of Employer Allocations and Pension Amounts

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

 
Report on Internal Controls

2022

2021

2020

2019

2018

2017

2016

 

Kuhns' Survey of Large Pension Funds

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

 

Performance Reports

2025: 1Q

2024: 1Q    2Q    3Q    4Q

2023: 1Q    2Q    3Q    4Q

2022: 1Q    2Q    3Q    4Q

2021: 1Q    2Q    3Q    4Q

2020: 1Q    2Q    3Q    4Q

2019: 1Q    2Q    3Q    4Q

2018: 1Q    2Q    3Q    4Q

2017: 1Q    2Q    3Q    4Q

2016: 1Q    2Q    3Q    4Q

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