Unfunded Liability
$1.01B
actuarial shortfall
FY2023 data · Public Plans Database
Baltimore City Employees
Drawing on 23 years of Public Plans Database history (Boston College CRR), this page covers Baltimore City Employees's funded ratio, unfunded liability, member counts, and investment returns, cross-checked against actuarial valuations.
By PlainPension · · Maryland · General State Plan · Data through FY2023
- Funded ratio
- 66.9%
- Health grade
- CReported funded ratio below full funding
- Market assets
- $2.03B
- Members
- 17,911
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, Baltimore City Employees is one of 197 public pension plans tracked nationwide. The plan card reports FY2023 valuation figures; the multi-year table includes FY2024 where PPD published it; this site’s database copy was last loaded in July 2026. See our methodology for the full source and update cadence.
Total Members
17,911
active + retired + vested
1-Year Return
10.2%
net investment return
1.0pp vs 5-yr avg
5-Year Avg Return
9.2%
annualized, net of fees
How Baltimore City Employees Funded Ratio Compares
Plan Funded Ratio 66.9%
National avg
A ratio of 66.9% compared against the national public-pension average of 75.5%.
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 their annual CAFR and actuarial valuation. 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 |
|---|---|
| 2024 | 66.3% |
| 2023 | 66.9% |
| 2022 | 69.7% |
| 2021 | 70.6% |
| 2020 | 71.6% |
| 2019 | 72.8% |
| 2018 | 73.2% |
| 2017 | 72.8% |
| 2016 | 71.5% |
| 2015 | 73.3% |
| 2014 | 71.1% |
| 2013 | 69.4% |
| 2012 | 70.2% |
| 2011 | 71.0% |
| 2010 | 72.8% |
| 2009 | 76.7% |
| 2008 | 82.6% |
| 2007 | 79.9% |
| 2006 | 77.0% |
| 2005 | 81.7% |
What the Data Says About Baltimore City Employees
Baltimore City Employees reports a funded ratio of 66.9% 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 $1.01B. As a General State plan operating under Maryland sponsorship, it covers 17,911 members (7,534 active contributors, 9,185 retirees drawing benefits).
Baltimore City Employees is funded above the midpoint but still carries a real shortfall, 9 points below the 75.5% national average across tracked plans. A 5-year average investment return of 9.2% factors into the plan's overall trajectory.
For Maryland taxpayers and plan members, the $1.01B unfunded gap is the actuarial shortfall this plan must close over time.
Where this data comes from + how funding gaps get resolved
These figures come from the Public Plans Database, a collaboration between the Boston College Center for Retirement Research and NASRA that compiles them from each plan's Comprehensive Annual Financial Reports (CAFRs) and actuarial valuations. The relationship between contribution adequacy and investment performance determines whether an unfunded liability narrows or expands year over year, and the gap itself is typically closed through some combination of higher contributions, investment returns, or benefit modifications. See our methodology for how public-pension funding differs from ERISA-backed private plans, and our disclaimer below before acting on this data.
Membership
7,534
Active Members
9,185
Retirees
17,911
Total Members
Plan Details
- Plan Type
- General State
- State
- Maryland
- Market Assets
- $2.03B
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to Baltimore City Employees's 66.9% funded ratio.
Other Maryland Plans
- Baltimore Fire and Police Employees Retirement System 103.0%
- Montgomery County Employees Retirement System 83.9%
- Maryland State Retirement and Pension System 79.9%
Frequently Asked Questions
Is Baltimore City Employees fully funded?
Baltimore City Employees has a funded ratio of 66.9% as of FY2023, earning a health grade of C. This ratio summarizes one reported funding measure. It does not substitute for a plan's actuarial valuation, financial statements, or a review of its contribution policy.
What happens if Baltimore City Employees runs out of money?
Baltimore City Employees's reported funding data can identify questions for further research. It does not establish how a sponsor will set contributions, benefits, or revenue policy.
What does a funded ratio of 66.9% mean?
A funded ratio of 66.9% means that Baltimore City Employees currently has assets equal to 66.9% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $1.01B. 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 75.5%. Baltimore City Employees's funded ratio of 66.9% 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.
Related
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 PlainPension
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.
Data sources used on this page
- Public Plans Database (PPD) - funded ratios, assets, liabilities, and member counts for US state and local public pension plans, maintained by the Boston College Center for Retirement Research with MissionSquare Research Institute and NASRA. publicplansdata.org
- NASRA - National Association of State Retirement Administrators public-pension actuarial and policy references. nasra.org
Every figure on PlainPension is rendered directly from the Public Plans Database (Boston College Center for Retirement Research), no number is typed in by an editor. This page aggregates this plan's funded ratio, unfunded liability, and multi-year financial history, live from the dataset. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.