Plan

Baltimore City Employees

State

Maryland

Funded Ratio

66.3%

Assets

$2.03B

Members

17,911

Health Grade: C — Underfunded — significant gap between assets and liabilities

FY2023 data Grade C Public Plans Database

Baltimore City Employees

Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Baltimore City Employees — sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.

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By Kiznis Studio Editorial · June 2026 · Maryland · General State Plan · Data through FY2023

Financial Health Grade

Underfunded — significant gap between assets and liabilities

Funded Ratio

66.3%

actuarial assets / liabilities

Unfunded Liability

$1.04B

actuarial shortfall

Total Members

17,911

active + retired + vested

1-Year Return

12.8%

net investment return

3.6pp vs 5-yr avg

5-Year Avg Return

9.2%

annualized, net of fees

ARC Payment

19.4%

of actuarially required contribution

How Baltimore City Employees Funded Ratio Compares

Plan Funded Ratio 66.3%

National avg

A ratio of 66.3% compared against the national public-pension average of 73.5%.

Healthy Threshold

Plans above 80% are generally considered adequately funded by NASRA standards.

Participant Composition

The active-to-retiree ratio is a leading indicator of long-term plan sustainability — plans with more retirees than active contributors face mounting cash-flow pressure as benefit payments outpace incoming contributions.

Investment Policy Mix

Public pension plans report their asset allocation in Form 5500 Schedule H Part I disclosures. Equity-heavy mixes capture market upside but introduce volatility; fixed-income tilts protect funded status during downturns at the cost of long-run return.

Historical Funded Ratio

Year	Funded Ratio	Assets	Unfunded	Members
2024	66.3%	N/A	N/A	N/A
2023	66.9%	$2.03B	$1.01B	17,911
2022	69.7%	$1.97B	$859M	18,021
2021	70.6%	$2.11B	$877M	18,572
2020	71.6%	$1.71B	$678M	18,510
2019	72.8%	$1.76B	$656M	18,495
2018	73.2%	$1.71B	$629M	18,246
2017	72.8%	$1.63B	$607M	18,232
2016	71.5%	$1.52B	$606M	18,299
2015	73.3%	$1.53B	$557M	18,639
2014	71.1%	$1.50B	$611M	18,840
2013	69.4%	$1.32B	$584M	18,854
2012	70.2%	$1.22B	$516M	18,946
2011	71.0%	$1.24B	$507M	19,183
2010	72.8%	$1.09B	$405M	19,411
2009	76.7%	$1.04B	$315M	19,447
2008	82.6%	$1.36B	$286M	19,093
2007	79.9%	$1.49B	$375M	18,893
2006	77.0%	$1.33B	$397M	17,881
2005	81.7%	$1.29B	$288M	18,035

What the Data Says About Baltimore City Employees

Baltimore City Employees reports a funded ratio of 66.3% as of fiscal year 2023, earning a financial health grade of C in the Public Plans Database. The plan holds $2.03B in market assets against an unfunded liability of $1.04B. As a General State plan operating under Maryland sponsorship, it covers 17,911 members (7,534 active contributors, 9,185 retirees drawing benefits). These figures aggregate from Form 5500 filings submitted to the Department of Labor and actuarial valuations reported through NASRA.

A funded ratio in the 60–80% range indicates moderate underfunding that falls near the national average of 72–75% but leaves the plan exposed to market downturns and demographic shifts. Employer contributions covered 19.4% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 9.2%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For Maryland taxpayers and plan members, the $1.04B unfunded gap represents the actuarial shortfall that must eventually be closed through a combination of contributions, investment returns, or benefit modifications. Unlike private-sector pensions governed by ERISA and backstopped by the PBGC, public plans like Baltimore City Employees rely on the full faith and credit of Maryland — meaning funding shortfalls flow through to state and local budgets rather than a federal insurance program. This information summarizes official Public Plans Database disclosures and is provided for research and educational purposes only. It is not financial, legal, or retirement-planning advice; active and retired members with specific benefit questions should consult their plan administrator directly.

Membership

7,534

Active Members

9,185

Retirees

17,911

Total Members

Plan Details

Plan Type: General State
State: Maryland
Market Assets: $2.03B
ARC Payment: 19.4%

Source: Public Plans Database (PPD)
Boston College CRR / NASRA

Other Maryland Plans

All Maryland plans →

Related Resources

Pension Guides

Frequently Asked Questions

Is Baltimore City Employees fully funded?

Baltimore City Employees has a funded ratio of 66.3% as of FY2023, earning a health grade of C. A funded ratio of 100% means the plan has enough assets to cover all projected liabilities. Ratios above 80% are generally considered adequately funded; ratios below 60% indicate significant underfunding and risk to future benefits.

What happens if Baltimore City Employees runs out of money?

Public pension plans like Baltimore City Employees are backed by the sponsoring government entity — in this case Maryland. If a plan's assets are insufficient, the state or local government is typically required to make up the difference through increased contributions, benefit adjustments, or tax measures. Unlike private pensions, public pensions are not insured by the PBGC, but they do carry the full faith and credit of the sponsoring government.

What does a funded ratio of 66.3% mean?

A funded ratio of 66.3% means that Baltimore City Employees currently has assets equal to 66.3% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $1.04B. This represents a moderate funding gap that requires ongoing monitoring.

How does Baltimore City Employees compare to other public pensions?

Baltimore City Employees is a General State plan in Maryland serving 17,911 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Baltimore City Employees's funded ratio of 66.3% places it near the national average.

How many members does Baltimore City Employees have?

Baltimore City Employees covers 17,911 total members, including 7,534 active employees and 9,185 retirees currently receiving benefits. The ratio of active members to retirees is a key indicator of plan sustainability — when the number of retirees grows relative to active contributors, funding pressure increases.

What is the ARC payment percentage for Baltimore City Employees?

Baltimore City Employees pays 19.4% of its Annual Required Contribution (ARC). Consistently underpaying the ARC accelerates the growth of unfunded liabilities and places future benefits at greater risk. Employer contribution patterns are tracked annually in the Public Plans Database.

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Data sourced from official Public Plans Database and actuarial valuations from federal and state pension systems. See our methodology for details. Retrieved and formatted by Kiznis Studio Editorial

Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the Public Plans Database (PPD). Consult a qualified professional before making decisions based on this data.

Read our methodology — how this data is sourced, computed, and verified.

All federal data sources used on this page

U.S. Census Bureau ACS — demographic + housing + income data. census.gov/programs-surveys/acs
BLS Occupational Employment and Wage Statistics (OEWS) — wage + employment by occupation. bls.gov/oes
BEA Regional Economic Accounts — GDP + personal income by state/metro. bea.gov/data/regional
U.S. Census Bureau County Business Patterns — establishment + employment by industry. census.gov/cbp
IRS Statistics of Income (SOI) — tax-return aggregate data. irs.gov/statistics
data.gov — U.S. federal open-data portal — discovery layer for additional federal sources. data.gov