Unfunded Liability
$187.88B
actuarial shortfall
FY2023 data · Public Plans Database
California Public Employees Retirement System
Everything the Public Plans Database tracks for California Public Employees Retirement System: funded ratio, unfunded liability, membership, and 23 years of financial history, compiled by Boston College CRR and checked against actuarial valuations.
By PlainPension · · California · General State Plan · Data through FY2023
- Funded ratio
- 71.3%
- Health grade
- CReported funded ratio below full funding
- Market assets
- $467.05B
- Members
- 2,238,011
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, California Public Employees Retirement System 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
2,238,011
active + retired + vested
1-Year Return
5.8%
net investment return
-1.2pp vs 5-yr avg
5-Year Avg Return
7.0%
annualized, net of fees
How California Public Employees Retirement System Funded Ratio Compares
Plan Funded Ratio 71.3%
National avg
A ratio of 71.3% 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 | N/A |
| 2023 | 71.3% |
| 2022 | 73.0% |
| 2021 | 75.7% |
| 2020 | 69.4% |
| 2019 | 70.2% |
| 2018 | 70.2% |
| 2017 | 70.1% |
| 2016 | 68.3% |
| 2015 | 73.1% |
| 2014 | 76.3% |
| 2013 | 75.2% |
| 2012 | 83.1% |
| 2011 | 82.6% |
| 2010 | 83.4% |
| 2009 | 83.3% |
| 2008 | 86.9% |
| 2007 | 87.2% |
| 2006 | 87.2% |
| 2005 | 87.3% |
What the Data Says About California Public Employees Retirement System
California Public Employees Retirement System reports a funded ratio of 71.3% as of fiscal year 2023, earning a financial health grade of C in the Public Plans Database. The plan holds $467.05B in market assets against an unfunded liability of $187.88B. As a General State plan operating under California sponsorship, it covers 2,238,011 members (925,799 active contributors, 791,514 retirees drawing benefits).
California Public Employees Retirement System shows a comfortably above-average funding position, 4 points below the 75.5% national average across tracked plans. A 5-year average investment return of 7.0% factors into the plan's overall trajectory.
For California taxpayers and plan members, the $187.88B 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
925,799
Active Members
791,514
Retirees
2,238,011
Total Members
Plan Details
- Plan Type
- General State
- State
- California
- Market Assets
- $467.05B
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to California Public Employees Retirement System's 71.3% funded ratio.
Other California Plans
- Sacramento County ERS 101.7%
- San Diego County Employees Retirement Association 94.3%
- Kern County Employees Retirement Association 93.5%
- San Francisco City and County Retirement System 82.9%
- Alameda County Employee's Retirement Association 81.8%
Frequently Asked Questions
Is California Public Employees Retirement System fully funded?
California Public Employees Retirement System has a funded ratio of 71.3% as of FY2023, earning a health grade of C. A funded ratio measures reported actuarial assets relative to reported accrued liabilities. It is useful context, but it cannot on its own predict future contributions, benefits, or public-policy decisions.
What happens if California Public Employees Retirement System runs out of money?
Public plans are governed under state and local rules that differ by jurisdiction. The PPD figures shown here are financial data, not a finding about benefit security or taxpayer obligations.
What does a funded ratio of 71.3% mean?
A funded ratio of 71.3% means that California Public Employees Retirement System currently has assets equal to 71.3% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $187.88B. This represents a moderate funding gap that requires ongoing monitoring.
How does California Public Employees Retirement System compare to other public pensions?
California Public Employees Retirement System is a General State plan in California serving 2,238,011 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. California Public Employees Retirement System's funded ratio of 71.3% places it near the national average.
How many members does California Public Employees Retirement System have?
California Public Employees Retirement System covers 2,238,011 total members, including 925,799 active employees and 791,514 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.