IPERS Announces FY2026 Investment Earnings of Nearly 13%
Trust fund value grew by more than $4 billion, surpassing $51 billion
September 24, 2026 (Des Moines, IA) – At today’s quarterly meeting of its Investment Board, officials from the Iowa Public Employees’ Retirement System (IPERS) announced that its investment program returned 12.88% in FY2026, its best performance since 2021 when a post-pandemic market surge generated historic returns. The system’s annual investment return assumption is 7%. As of June 30, 2026, IPERS’ Trust Fund was valued at $51.4 billion, an increase of more than $4.7 billion from 2025.
“IPERS’ disciplined, risk‑focused approach continues to generate strong returns and support long‑term stability while navigating evolving market conditions,” IPERS CEO Martin Noven said. “With excellent oversight and guidance from the Board, IPERS’ investment professionals continue to generate the assets required to pay retirement benefits now and into the future.”
Also at today’s meeting, the Board performed its annual review of IPERS’ asset allocation plan* and chose to maintain it without changes.
| Asset Class | Current Policy (Effective 1-1-26) |
|---|---|
| U.S. Equity | 21.0% |
| International Equity | 13.0% |
| Private Equity | 17.0% |
| Global Smart Beta | 0.0% |
| Total Growth Assets | 51.0% |
| Public Credit | 6.0% |
| Private Credit | 8.0% |
| Total Credit Assets | 14.0% |
| Core (Plus) Fixed Income | 24.5% |
| Cash | 1.0% |
| Total Defensive Assets | 25.5% |
| Private Real Assets | 9.5% |
| Total Inflation Hedging Assets | 9.5% |
| Total | 100% |
Complete materials from today’s meeting are available online on IPERS’ website. A recording of the meeting is available by request. The next Board meeting is scheduled for December 4, 2026.
The Iowa Legislature created IPERS in 1953 to provide a dependable and economical retirement plan for Iowa's public employees. IPERS is the state’s largest public retirement system, serving more than 400,000 current and former members.
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