Plan

Georgia Employees Retirement System

State

Georgia

Funded Ratio

56.9%

Assets

$17.91B

Members

454,048

Health Grade: D — Severely underfunded — facing funding crisis

FY2023 data Grade D Public Plans Database

Georgia Employees Retirement System

Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Georgia 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 · Georgia · General State Plan · Data through FY2023

Financial Health Grade

Severely underfunded — facing funding crisis

Funded Ratio

56.9%

actuarial assets / liabilities

Unfunded Liability

$13.56B

actuarial shortfall

Total Members

454,048

active + retired + vested

1-Year Return

18.3%

net investment return

3.6pp vs 5-yr avg

5-Year Avg Return

14.7%

annualized, net of fees

ARC Payment

7.6%

of actuarially required contribution

How Georgia Employees Retirement System Funded Ratio Compares

Plan Funded Ratio 56.9%

National avg

A ratio of 56.9% 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
2023	N/A	$17.91B	N/A	454,048
2022	N/A	$16.78B	N/A	313,239
2021	N/A	$20.00B	N/A	309,139
2020	N/A	$16.27B	N/A	290,569
2019	N/A	$16.33B	N/A	290,865
2018	N/A	$14.96B	N/A	287,472
2017	N/A	$15.58B	N/A	286,129
2016	N/A	$13.63B	N/A	271,835
2015	N/A	$14.25B	N/A	340,652
2014	56.9%	$15.73B	$11.91B	320,104
2013	54.0%	$13.35B	$11.38B	329,781
2012	63.4%	$12.66B	$7.31B	326,833
2011	73.2%	$13.39B	$4.90B	320,071
2010	81.7%	$11.88B	$2.67B	300,128
2009	76.5%	$11.50B	$3.52B	300,588
2008	82.1%	$14.23B	$3.10B	301,209
2007	86.8%	$15.52B	$2.37B	292,262
2006	84.1%	$14.08B	$2.67B	296,914
2005	86.3%	$13.85B	$2.19B	284,657
2004	91.8%	$13.39B	$1.20B	273,693

What the Data Says About Georgia Employees Retirement System

Georgia Employees Retirement System reports a funded ratio of 56.9% as of fiscal year 2023, earning a financial health grade of D in the Public Plans Database. The plan holds $17.91B in market assets against an unfunded liability of $13.56B. As a General State plan operating under Georgia sponsorship, it covers 454,048 members (114,906 active contributors, 77,339 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 below 60% reflects significant underfunding relative to the national average of 72–75%, which typically triggers escalating employer contributions or legislative reform conversations. Employer contributions covered 7.6% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 14.7%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For Georgia taxpayers and plan members, the $13.56B 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 Georgia Employees Retirement System rely on the full faith and credit of Georgia — 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

114,906

Active Members

77,339

Retirees

454,048

Total Members

Plan Details

Plan Type: General State
State: Georgia
Market Assets: $17.91B
ARC Payment: 7.6%

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

Other Georgia Plans

Atlanta Police Fund 85.1%
Georgia Teachers Retirement System 78.5%
Atlanta General Employees Pension Fund 69.9%
Atlanta Fire 62.9%

All Georgia plans →

Related Resources

Pension Guides

Frequently Asked Questions

Is Georgia Employees Retirement System fully funded?

Georgia Employees Retirement System has a funded ratio of 56.9% as of FY2023, earning a health grade of D. 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 Georgia Employees Retirement System runs out of money?

Public pension plans like Georgia Employees Retirement System are backed by the sponsoring government entity — in this case Georgia. 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 56.9% mean?

A funded ratio of 56.9% means that Georgia Employees Retirement System currently has assets equal to 56.9% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $13.56B. This level of underfunding typically requires corrective action such as increased contributions or benefit restructuring.

How does Georgia Employees Retirement System compare to other public pensions?

Georgia Employees Retirement System is a General State plan in Georgia serving 454,048 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Georgia Employees Retirement System's funded ratio of 56.9% places it below the national average, indicating elevated fiscal pressure.

How many members does Georgia Employees Retirement System have?

Georgia Employees Retirement System covers 454,048 total members, including 114,906 active employees and 77,339 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 Georgia Employees Retirement System?

Georgia Employees Retirement System pays 7.6% 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