Plan

New York City Employees Retirement System

State

New York

Funded Ratio

82.2%

Assets

$81.43B

Members

374,911

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

FY2023 data Grade B Public Plans Database

New York City Employees Retirement System

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

Financial Health Grade

Adequately funded — meeting most funding benchmarks

Funded Ratio

82.2%

actuarial assets / liabilities

Unfunded Liability

$17.68B

actuarial shortfall

Total Members

374,911

active + retired + vested

1-Year Return

9.9%

net investment return

1.9pp vs 5-yr avg

5-Year Avg Return

8.0%

annualized, net of fees

ARC Payment

22.3%

of actuarially required contribution

How New York City Employees Retirement System Funded Ratio Compares

Plan Funded Ratio 82.2%

National avg

A ratio of 82.2% 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	N/A	N/A	N/A	N/A
2023	82.2%	$81.43B	$17.68B	374,911
2022	82.5%	$77.46B	$16.44B	374,911
2021	81.5%	$85.91B	$19.48B	374,264
2020	78.1%	$69.89B	$19.63B	374,177
2019	76.8%	$68.52B	$20.71B	370,442
2018	74.1%	$65.21B	$22.79B	366,077
2017	72.2%	$61.32B	$23.56B	348,628
2016	71.5%	$55.49B	$22.08B	341,890
2015	69.9%	$54.89B	$23.67B	339,686
2014	67.9%	$54.42B	$25.70B	336,531
2013	68.4%	$47.19B	$21.80B	335,456
2012	66.3%	$42.66B	$21.71B	333,981
2011	65.0%	$42.41B	$22.86B	326,403
2010	64.2%	$35.38B	$19.69B	326,410
2009	78.6%	$31.90B	$8.68B	326,182
2008	79.7%	$39.72B	$10.14B	323,092
2007	79.0%	$42.51B	$11.28B	317,659
2006	82.3%	$37.29B	$8.00B	314,906
2005	88.4%	$35.53B	$4.64B	309,821

What the Data Says About New York City Employees Retirement System

New York City Employees Retirement System reports a funded ratio of 82.2% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $81.43B in market assets against an unfunded liability of $17.68B. As a General State plan operating under New York sponsorship, it covers 374,911 members (179,596 active contributors, 166,631 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 New York City Employees Retirement System has substantial assets to meet projected obligations, placing it above the national public-pension average of roughly 72–75%. Employer contributions covered 22.3% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 8.0%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For New York taxpayers and plan members, the $17.68B 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 New York City Employees Retirement System rely on the full faith and credit of New York — 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

179,596

Active Members

166,631

Retirees

374,911

Total Members

Plan Details

Plan Type: General State
State: New York
Market Assets: $81.43B
ARC Payment: 22.3%

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

Other New York Plans

New York City Educational 107.0%
New York City Fire 101.9%
New York State Teachers Retirement System 99.9%
New York City Police 83.4%
New York City Teachers Retirement System 79.9%

All New York plans →

Related Resources

Pension Guides

Frequently Asked Questions

Is New York City Employees Retirement System fully funded?

New York City Employees Retirement System has a funded ratio of 82.2% 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 New York City Employees Retirement System runs out of money?

Public pension plans like New York City Employees Retirement System are backed by the sponsoring government entity — in this case New York. 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 82.2% mean?

A funded ratio of 82.2% means that New York City Employees Retirement System currently has assets equal to 82.2% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $17.68B. This is considered adequately funded.

How does New York City Employees Retirement System compare to other public pensions?

New York City Employees Retirement System is a General State plan in New York serving 374,911 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. New York City Employees Retirement System's funded ratio of 82.2% places it above the national average, reflecting strong fiscal management.

How many members does New York City Employees Retirement System have?

New York City Employees Retirement System covers 374,911 total members, including 179,596 active employees and 166,631 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 New York City Employees Retirement System?

New York City Employees Retirement System pays 22.3% 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