Plan

Milwaukee City ERS

State

Wisconsin

Funded Ratio

98.1%

Assets

$5.80B

Members

27,633

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

FY2023 data Grade B Public Plans Database

Milwaukee City ERS

Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Milwaukee City ERS — 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 · Wisconsin · General State Plan · Data through FY2023

Financial Health Grade

Adequately funded — meeting most funding benchmarks

Funded Ratio

98.1%

actuarial assets / liabilities

Unfunded Liability

$111M

actuarial shortfall

Total Members

27,633

active + retired + vested

1-Year Return

8.5%

net investment return

0.7pp vs 5-yr avg

5-Year Avg Return

7.8%

annualized, net of fees

ARC Payment

7.8%

of actuarially required contribution

How Milwaukee City ERS Funded Ratio Compares

Plan Funded Ratio 98.1%

National avg

A ratio of 98.1% 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	98.1%	N/A	N/A	N/A
2023	98.6%	$5.80B	$82M	27,633
2022	98.8%	$5.53B	$65M	27,231
2021	99.3%	$6.43B	$42M	27,215
2020	99.1%	$5.65B	$49M	27,402
2019	98.6%	$5.56B	$80M	27,557
2018	98.6%	$4.95B	$69M	27,215
2017	99.5%	$5.40B	$28M	27,176
2016	99.0%	$4.89B	$49M	27,387
2015	98.6%	$4.75B	$65M	27,083
2014	99.5%	$4.95B	$24M	26,840
2013	99.9%	$4.95B	$5M	26,805
2012	99.9%	$4.38B	$4M	26,729
2011	99.9%	$4.01B	$4M	26,854
2010	99.8%	$4.32B	$9M	26,973
2009	99.8%	$4.02B	$8M	26,992
2008	99.7%	$3.40B	$10M	26,806
2007	99.6%	$5.23B	$21M	26,868
2006	99.6%	$5.09B	$20M	26,446
2005	99.5%	$4.61B	$23M	26,715

What the Data Says About Milwaukee City ERS

Milwaukee City ERS reports a funded ratio of 98.1% 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 $111M. As a General State plan operating under Wisconsin sponsorship, it covers 27,633 members (10,108 active contributors, 13,876 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 Milwaukee City ERS has substantial assets to meet projected obligations, placing it above the national public-pension average of roughly 72–75%. Employer contributions covered 7.8% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 7.8%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For Wisconsin taxpayers and plan members, the $111M 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 Milwaukee City ERS rely on the full faith and credit of Wisconsin — 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

10,108

Active Members

13,876

Retirees

27,633

Total Members

Plan Details

Plan Type: General State
State: Wisconsin
Market Assets: $5.80B
ARC Payment: 7.8%

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

Other Wisconsin Plans

Milwaukee County Employees Retirement System 74.7%
Wisconsin Retirement System 68.5%

All Wisconsin plans →

Related Resources

Pension Guides

Frequently Asked Questions

Is Milwaukee City ERS fully funded?

Milwaukee City ERS has a funded ratio of 98.1% 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 Milwaukee City ERS runs out of money?

Public pension plans like Milwaukee City ERS are backed by the sponsoring government entity — in this case Wisconsin. 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 98.1% mean?

A funded ratio of 98.1% means that Milwaukee City ERS currently has assets equal to 98.1% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $111M. 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 72–75%. Milwaukee City ERS's funded ratio of 98.1% 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.

What is the ARC payment percentage for Milwaukee City ERS?

Milwaukee City ERS pays 7.8% 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