Plan

Montana Public Employees Retirement Board and Administration

State

Montana

Funded Ratio

55.9%

Assets

$9.29B

Members

108,752

Health Grade: D — Severely underfunded — facing funding crisis

FY2023 data Grade D Public Plans Database

Montana Public Employees Retirement Board and Administration

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

Financial Health Grade

Severely underfunded — facing funding crisis

Funded Ratio

55.9%

actuarial assets / liabilities

Unfunded Liability

$7.34B

actuarial shortfall

Total Members

108,752

active + retired + vested

1-Year Return

10.8%

net investment return

1.6pp vs 5-yr avg

5-Year Avg Return

9.2%

annualized, net of fees

ARC Payment

20.1%

of actuarially required contribution

How Montana Public Employees Retirement Board and Administration Funded Ratio Compares

Plan Funded Ratio 55.9%

National avg

A ratio of 55.9% 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
2024	55.9%	N/A	N/A	N/A
2023	56.1%	$9.29B	$7.28B	108,752
2022	61.3%	$8.86B	$5.59B	97,969
2021	61.3%	$9.53B	$6.02B	93,803
2020	60.5%	$7.68B	$5.02B	91,621
2019	60.9%	$7.69B	$4.93B	88,977
2018	61.8%	$7.48B	$4.61B	85,908
2017	61.1%	$7.04B	$4.48B	82,573
2016	60.0%	$6.44B	$4.30B	74,897
2015	60.4%	$6.43B	$4.22B	72,519
2014	61.0%	$6.25B	$4.00B	70,227
2013	57.7%	$5.42B	$3.97B	68,490
2012	58.0%	$4.91B	$3.55B	66,998
2011	62.2%	$4.89B	$2.97B	65,825
2010	64.2%	$4.09B	$2.28B	64,890
2009	67.3%	$3.67B	$1.79B	64,652
2008	72.9%	$4.69B	$1.74B	63,941
2007	73.7%	$4.98B	$1.78B	62,796
2006	73.5%	$4.26B	$1.54B	63,186
2005	72.4%	$3.92B	$1.49B	63,313

What the Data Says About Montana Public Employees Retirement Board and Administration

Montana Public Employees Retirement Board and Administration reports a funded ratio of 55.9% as of fiscal year 2023, earning a financial health grade of D in the Public Plans Database. The plan holds $9.29B in market assets against an unfunded liability of $7.34B. As a General State plan operating under Montana sponsorship, it covers 108,752 members (36,675 active contributors, 30,585 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 20.1% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 9.2%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For Montana taxpayers and plan members, the $7.34B 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 Montana Public Employees Retirement Board and Administration rely on the full faith and credit of Montana — 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

36,675

Active Members

30,585

Retirees

108,752

Total Members

Plan Details

Plan Type: General State
State: Montana
Market Assets: $9.29B
ARC Payment: 20.1%

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

Other Montana Plans

Montana Teachers Retirement System 70.6%

All Montana plans →

Related Resources

Pension Guides

Frequently Asked Questions

Is Montana Public Employees Retirement Board and Administration fully funded?

Montana Public Employees Retirement Board and Administration has a funded ratio of 55.9% 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 Montana Public Employees Retirement Board and Administration runs out of money?

Public pension plans like Montana Public Employees Retirement Board and Administration are backed by the sponsoring government entity — in this case Montana. 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 55.9% mean?

A funded ratio of 55.9% means that Montana Public Employees Retirement Board and Administration currently has assets equal to 55.9% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $7.34B. This level of underfunding typically requires corrective action such as increased contributions or benefit restructuring.

How does Montana Public Employees Retirement Board and Administration compare to other public pensions?

Montana Public Employees Retirement Board and Administration is a General State plan in Montana serving 108,752 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Montana Public Employees Retirement Board and Administration's funded ratio of 55.9% places it below the national average, indicating elevated fiscal pressure.

How many members does Montana Public Employees Retirement Board and Administration have?

Montana Public Employees Retirement Board and Administration covers 108,752 total members, including 36,675 active employees and 30,585 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 Montana Public Employees Retirement Board and Administration?

Montana Public Employees Retirement Board and Administration pays 20.1% 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