Unfunded Liability
$82M
actuarial shortfall
FY2023 data · Public Plans Database
Milwaukee City ERS
Funded ratio, unfunded liability, member counts, and 23-year financial history for Milwaukee City ERS, sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.
By PlainPension · · Wisconsin · General State Plan · Data through FY2023
- Funded ratio
- 98.6%
- Health grade
- BReported funded ratio above the portfolio average range
- Market assets
- $5.80B
- Members
- 27,633
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, Milwaukee City ERS 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
27,633
active + retired + vested
1-Year Return
11.4%
net investment return
3.6pp vs 5-yr avg
5-Year Avg Return
7.8%
annualized, net of fees
How Milwaukee City ERS Funded Ratio Compares
Plan Funded Ratio 98.6%
National avg
A ratio of 98.6% 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 | 98.1% |
| 2023 | 98.6% |
| 2022 | 98.8% |
| 2021 | 99.3% |
| 2020 | 99.1% |
| 2019 | 98.6% |
| 2018 | 98.6% |
| 2017 | 99.5% |
| 2016 | 99.0% |
| 2015 | 98.6% |
| 2014 | 99.5% |
| 2013 | 99.9% |
| 2012 | 99.9% |
| 2011 | 99.9% |
| 2010 | 99.8% |
| 2009 | 99.8% |
| 2008 | 99.7% |
| 2007 | 99.6% |
| 2006 | 99.6% |
| 2005 | 99.5% |
What the Data Says About Milwaukee City ERS
Milwaukee City ERS reports a funded ratio of 98.6% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $5.80B in market assets against an unfunded liability of $82M. As a General State plan operating under Wisconsin sponsorship, it covers 27,633 members (10,108 active contributors, 13,876 retirees drawing benefits).
Milwaukee City ERS is one of the more fully funded plans in the Public Plans Database, 23 points above the 75.5% national average across tracked plans. A 5-year average investment return of 7.8% factors into the plan's overall trajectory.
For Wisconsin taxpayers and plan members, the $82M 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
10,108
Active Members
13,876
Retirees
27,633
Total Members
Plan Details
- Plan Type
- General State
- State
- Wisconsin
- Market Assets
- $5.80B
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to Milwaukee City ERS's 98.6% funded ratio.
Other Wisconsin Plans
All Wisconsin plans →Frequently Asked Questions
Is Milwaukee City ERS fully funded?
Milwaukee City ERS has a funded ratio of 98.6% as of FY2023, earning a health grade of B. A funded ratio compares actuarial assets with actuarial accrued liabilities at a reporting date. A value of 100% means those two reported values are equal; it does not forecast benefits, taxes, or investment performance.
What happens if Milwaukee City ERS runs out of money?
Milwaukee City ERS is a public plan in Wisconsin. PlainPension reports the source data and does not determine a plan's legal protections, contribution policy, or future benefit decisions.
What does a funded ratio of 98.6% mean?
A funded ratio of 98.6% means that Milwaukee City ERS currently has assets equal to 98.6% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $82M. This is considered adequately funded.
How does Milwaukee City ERS compare to other public pensions?
Milwaukee City ERS is a General State plan in Wisconsin serving 27,633 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. Milwaukee City ERS's funded ratio of 98.6% places it above the national average, reflecting strong fiscal management.
How many members does Milwaukee City ERS have?
Milwaukee City ERS covers 27,633 total members, including 10,108 active employees and 13,876 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.