The Iowa Public Employees’ Retirement System board announced Thursday a 9.07% return in fiscal 2024, outperforming its policy benchmark of 8.80% and long-term investment assumption of 7%.
Assets of the IPERS trust fund grew $2.48 billion to $43.61 billion. At the fund’s board meeting Thursday, IPERS CEO Greg Samorajski attributed returns to equity performance, specifically emerging market equities, especially in Asia.
“In the fiscal year’s final quarter, strong job creation and steady inflation boosted the market and helped IPERS close the year with its highest returns since fiscal year 2021,” Samorajski remarked.
Ove the past three, five, 10 and 20 years, the fund achieved annualized net returns of 3.38%, 8.17%, 7.47% and 7.70%, respectively.
At the June 30 end of the fiscal year, the fund had allocated 25% of its portfolio to core fixed income, 21.4% of its portfolio to U.S. equities, 18.3% to private equity and debt, 13.1% to global equities, 7.3% to private real assets, 5.1% to global smart beta, 3% to public credit and 1% to cash.
At the end of fiscal 2023, the fund returned 5.41%. The IPERS system manages the retirement assets for more than 180,000 beneficiaries.
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Tags: Greg Samorajski, Iowa, Iowa Public Employees' Retirement System, IPERS, Pensions