Plan

Minnesota Public Employees Retirement Association

State

Minnesota

Funded Ratio

72.5%

Assets

$39.61B

Members

471,608

Health Grade: C — Underfunded — significant gap between assets and liabilities

FY2023 data Grade C Public Plans Database

Minnesota Public Employees Retirement Association

Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Minnesota Public Employees Retirement Association — 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 · Minnesota · General State Plan · Data through FY2023

Financial Health Grade

Underfunded — significant gap between assets and liabilities

Funded Ratio

72.5%

actuarial assets / liabilities

Unfunded Liability

$15.05B

actuarial shortfall

Total Members

471,608

active + retired + vested

1-Year Return

9.9%

net investment return

0.9pp vs 5-yr avg

5-Year Avg Return

9.1%

annualized, net of fees

ARC Payment

18.3%

of actuarially required contribution

How Minnesota Public Employees Retirement Association Funded Ratio Compares

Plan Funded Ratio 72.5%

National avg

A ratio of 72.5% 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	72.5%	N/A	N/A	N/A
2023	71.3%	$39.61B	$15.94B	471,608
2022	72.9%	$37.42B	$13.91B	457,725
2021	66.4%	$41.02B	$20.71B	446,091
2020	N/A	$32.39B	N/A	442,899
2019	63.7%	$32.03B	$18.25B	485,806
2018	64.9%	$30.75B	$16.65B	491,012
2017	64.7%	$28.62B	$15.65B	476,902
2016	63.5%	$25.60B	$14.73B	462,172
2015	67.5%	$26.42B	$12.74B	446,449
2014	70.3%	$26.07B	$10.99B	435,787
2013	69.1%	$22.67B	$10.14B	423,487
2012	73.8%	$20.50B	$7.28B	413,344
2011	81.0%	$20.12B	$4.72B	404,080
2010	76.5%	$16.85B	$5.18B	412,879
2009	71.6%	$15.14B	$6.00B	406,919
2008	89.4%	$19.28B	$2.29B	400,519
2007	85.1%	$20.83B	$3.65B	388,411
2006	81.5%	$18.03B	$4.09B	376,865
2005	82.8%	$16.55B	$3.44B	364,493

What the Data Says About Minnesota Public Employees Retirement Association

Minnesota Public Employees Retirement Association reports a funded ratio of 72.5% as of fiscal year 2023, earning a financial health grade of C in the Public Plans Database. The plan holds $39.61B in market assets against an unfunded liability of $15.05B. As a General State plan operating under Minnesota sponsorship, it covers 471,608 members (169,682 active contributors, 133,524 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 in the 60–80% range indicates moderate underfunding that falls near the national average of 72–75% but leaves the plan exposed to market downturns and demographic shifts. Employer contributions covered 18.3% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 9.1%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For Minnesota taxpayers and plan members, the $15.05B 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 Minnesota Public Employees Retirement Association rely on the full faith and credit of Minnesota — 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

169,682

Active Members

133,524

Retirees

471,608

Total Members

Plan Details

Plan Type: General State
State: Minnesota
Market Assets: $39.61B
ARC Payment: 18.3%

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

Other Minnesota Plans

All Minnesota plans →

Related Resources

Pension Guides

Frequently Asked Questions

Is Minnesota Public Employees Retirement Association fully funded?

Minnesota Public Employees Retirement Association has a funded ratio of 72.5% as of FY2023, earning a health grade of C. 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 Minnesota Public Employees Retirement Association runs out of money?

Public pension plans like Minnesota Public Employees Retirement Association are backed by the sponsoring government entity — in this case Minnesota. 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 72.5% mean?

A funded ratio of 72.5% means that Minnesota Public Employees Retirement Association currently has assets equal to 72.5% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $15.05B. This represents a moderate funding gap that requires ongoing monitoring.

How does Minnesota Public Employees Retirement Association compare to other public pensions?

Minnesota Public Employees Retirement Association is a General State plan in Minnesota serving 471,608 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Minnesota Public Employees Retirement Association's funded ratio of 72.5% places it near the national average.

How many members does Minnesota Public Employees Retirement Association have?

Minnesota Public Employees Retirement Association covers 471,608 total members, including 169,682 active employees and 133,524 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 Minnesota Public Employees Retirement Association?

Minnesota Public Employees Retirement Association pays 18.3% 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.

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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