OPERS records strong investment gains

Defined Benefit Fund returned 14.71% in 2025; Health Care Fund up 16.39%

By Michael Pramik, Ohio Public Employees Retirement System

Feb. 26, 2026 – OPERS posted strong investment returns in both the Defined Benefit and Health Care funds in 2025, far outpacing the system’s assumed investment rates of return.

Preliminary returns as of mid-January indicated a gain of 14.71% for the Defined Benefit Fund and 16.39% gain for the Health Care Fund. Those returns exceeded the assumed rates of 6.9% and 6.0%, respectively. These net-of-fee returns cover the calendar year of Jan. 1 through Dec. 31.

That’s positive news for members and retirees, as meeting or surpassing the assumed rate of return is essential for supporting OPERS’ ability to fund future benefits over the long term.

For the total plan, non-U.S. equity investments performed particularly well, returning 32.4%. Emerging-market debt returned 18,1%, while U.S. equities returned 17.1%. Investments in commodities, risk parity and securitized debt also had double-digit returns.

Michael Pramik

Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.