Plan

Baltimore Fire and Police Employees Retirement System

State

Maryland

Funded Ratio

102.4%

Assets

$3.07B

Members

9,969

Health Grade: B — Adequately funded — meeting most funding benchmarks

FY2023 data Grade B Public Plans Database

Baltimore Fire and Police Employees Retirement System

Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Baltimore Fire and Police Employees Retirement System — 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 · Police & Fire Plan · Data through FY2023

Financial Health Grade

Adequately funded — meeting most funding benchmarks

Funded Ratio

102.4%

actuarial assets / liabilities

Unfunded Liability

$-73M

actuarial shortfall

Total Members

9,969

active + retired + vested

1-Year Return

11.4%

net investment return

3.9pp vs 5-yr avg

5-Year Avg Return

7.5%

annualized, net of fees

ARC Payment

12.3%

of actuarially required contribution

How Baltimore Fire and Police Employees Retirement System Funded Ratio Compares

Plan Funded Ratio 100.0%

National avg

A ratio of 102.4% 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	102.4%	N/A	N/A	N/A
2023	103.0%	$3.07B	$-90M	9,969
2022	102.4%	$2.96B	$-69M	10,073
2021	103.5%	$3.33B	$-112M	10,199
2020	98.1%	$2.65B	$50M	10,278
2019	97.6%	$2.75B	$69M	10,317
2018	96.3%	$2.69B	$104M	10,345
2017	99.6%	$2.56B	$10M	10,331
2016	99.3%	$2.38B	$17M	10,385
2015	97.2%	$2.47B	$71M	10,516
2014	96.9%	$2.49B	$81M	10,585
2013	92.5%	$2.26B	$183M	10,645
2012	86.8%	$2.15B	$326M	10,760
2011	97.6%	$2.14B	$53M	10,675
2010	97.2%	$1.86B	$54M	10,596
2009	96.9%	$1.69B	$54M	10,619
2008	96.0%	$2.15B	$90M	10,496
2007	96.9%	$2.34B	$75M	10,406
2006	95.0%	$2.09B	$110M	10,343
2005	94.3%	$2.02B	$122M	10,268

What the Data Says About Baltimore Fire and Police Employees Retirement System

Baltimore Fire and Police Employees Retirement System reports a funded ratio of 102.4% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $3.07B in market assets against an unfunded liability of $-73M. As a Police & Fire plan operating under Maryland sponsorship, it covers 9,969 members (3,482 active contributors, 6,487 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 above 80% signals that Baltimore Fire and Police Employees Retirement System has substantial assets to meet projected obligations, placing it above the national public-pension average of roughly 72–75%. Employer contributions covered 12.3% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 7.5%. 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 $-73M 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 Fire and Police Employees Retirement System 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

3,482

Active Members

6,487

Retirees

9,969

Total Members

Plan Details

Plan Type: Police & Fire
State: Maryland
Market Assets: $3.07B
ARC Payment: 12.3%

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

Other Maryland Plans

Montgomery County Employees Retirement System 85.3%
Maryland State Retirement and Pension System 80.9%
Baltimore City Employees 66.3%

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Related Resources

Pension Guides

Frequently Asked Questions

Is Baltimore Fire and Police Employees Retirement System fully funded?

Baltimore Fire and Police Employees Retirement System has a funded ratio of 102.4% as of FY2023, earning a health grade of B. 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 Fire and Police Employees Retirement System runs out of money?

Public pension plans like Baltimore Fire and Police Employees Retirement System 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 102.4% mean?

A funded ratio of 102.4% means that Baltimore Fire and Police Employees Retirement System currently has assets equal to 102.4% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $-73M. This is considered adequately funded.

How does Baltimore Fire and Police Employees Retirement System compare to other public pensions?

Baltimore Fire and Police Employees Retirement System is a Police & Fire plan in Maryland serving 9,969 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Baltimore Fire and Police Employees Retirement System's funded ratio of 102.4% places it above the national average, reflecting strong fiscal management.

How many members does Baltimore Fire and Police Employees Retirement System have?

Baltimore Fire and Police Employees Retirement System covers 9,969 total members, including 3,482 active employees and 6,487 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 Fire and Police Employees Retirement System?

Baltimore Fire and Police Employees Retirement System pays 12.3% 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