Funded Ratio
91.2%
actuarial assets / liabilities
Plan
Florida Retirement System
State
Florida
Funded Ratio
91.2%
Assets
$186.36B
Members
1,027,328
Health Grade: B — Adequately funded — meeting most funding benchmarks
FY2023 data Grade B Public Plans Database
Florida Retirement System
Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Florida Retirement System — sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.
B
Financial Health Grade
Adequately funded — meeting most funding benchmarks
Unfunded Liability
$18.01B
actuarial shortfall
Total Members
1,027,328
active + retired + vested
1-Year Return
10.8%
net investment return
1.9pp vs 5-yr avg
5-Year Avg Return
8.9%
annualized, net of fees
ARC Payment
23.3%
of actuarially required contribution
How Florida Retirement System Funded Ratio Compares
Plan Funded Ratio 91.2%
National avg
A ratio of 91.2% 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 |
|---|---|
| 2024 | 91.2% |
| 2023 | 89.6% |
| 2022 | 90.3% |
| 2021 | 86.9% |
| 2020 | 81.2% |
| 2019 | 80.0% |
| 2018 | 76.8% |
| 2017 | 79.7% |
| 2016 | 75.8% |
| 2015 | 82.1% |
| 2014 | 82.6% |
| 2013 | 81.2% |
| 2012 | 84.0% |
| 2011 | 81.5% |
| 2010 | 88.9% |
| 2009 | 88.3% |
| 2008 | 84.3% |
| 2007 | 87.7% |
| 2006 | 88.3% |
| 2005 | 87.9% |
What the Data Says About Florida Retirement System
Florida Retirement System reports a funded ratio of 91.2% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $186.36B in market assets against an unfunded liability of $18.01B. As a General State plan operating under Florida sponsorship, it covers 1,027,328 members (440,134 active contributors, 482,150 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 Florida Retirement System has substantial assets to meet projected obligations, placing it above the national public-pension average of roughly 72–75%. Employer contributions covered 23.3% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 8.9%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.
For Florida taxpayers and plan members, the $18.01B 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 Florida Retirement System rely on the full faith and credit of Florida — 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
440,134
Active Members
482,150
Retirees
1,027,328
Total Members
Plan Details
- Plan Type
- General State
- State
- Florida
- Market Assets
- $186.36B
- ARC Payment
- 23.3%
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Other Florida Plans
- Jacksonville General Employee Pension Plan 98.8%
- Jacksonville Police and Fire 84.0%
- Miami General and Sanitation Employees 73.5%
- City of Miami Firefighters and Police Officers Retirement Trust 25.8%
Related Resources
Frequently Asked Questions
Is Florida Retirement System fully funded?
Florida Retirement System has a funded ratio of 91.2% 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 Florida Retirement System runs out of money?
Public pension plans like Florida Retirement System are backed by the sponsoring government entity — in this case Florida. 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 91.2% mean?
A funded ratio of 91.2% means that Florida Retirement System currently has assets equal to 91.2% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $18.01B. This is considered adequately funded.
How does Florida Retirement System compare to other public pensions?
Florida Retirement System is a General State plan in Florida serving 1,027,328 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Florida Retirement System's funded ratio of 91.2% places it above the national average, reflecting strong fiscal management.
How many members does Florida Retirement System have?
Florida Retirement System covers 1,027,328 total members, including 440,134 active employees and 482,150 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 Florida Retirement System?
Florida Retirement System pays 23.3% 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.
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 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