Unfunded Liability
$457M
actuarial shortfall
FY2023 data · Public Plans Database
New York City Fire
New York City Fire tracked in full: funded ratio, unfunded liability, membership, and investment returns across 23 years, sourced from the Public Plans Database (Boston College CRR) and verified against actuarial valuations.
By PlainPension · · New York · Police & Fire Plan · Data through FY2023
- Funded ratio
- 97.6%
- Health grade
- BReported funded ratio above the portfolio average range
- Market assets
- $18.66B
- Members
- 27,433
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, New York City Fire 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
27,433
active + retired + vested
1-Year Return
8.6%
net investment return
-1.2pp vs 5-yr avg
5-Year Avg Return
9.8%
annualized, net of fees
How New York City Fire Funded Ratio Compares
Plan Funded Ratio 97.6%
National avg
A ratio of 97.6% 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 | 101.9% |
| 2023 | 97.6% |
| 2022 | 98.8% |
| 2021 | 97.5% |
| 2020 | 95.0% |
| 2019 | 93.8% |
| 2018 | 92.9% |
| 2017 | 91.5% |
| 2016 | 89.0% |
| 2015 | 86.8% |
| 2014 | 83.1% |
| 2013 | 79.7% |
| 2012 | 77.6% |
| 2011 | 78.4% |
| 2010 | 74.6% |
| 2009 | 79.7% |
| 2008 | 84.2% |
| 2007 | 97.0% |
| 2006 | 86.8% |
| 2005 | 83.6% |
What the Data Says About New York City Fire
New York City Fire reports a funded ratio of 97.6% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $18.66B in market assets against an unfunded liability of $457M. As a Police & Fire plan operating under New York sponsorship, it covers 27,433 members (10,793 active contributors, 16,578 retirees drawing benefits).
New York City Fire is one of the more fully funded plans in the Public Plans Database, 22 points above the 75.5% national average across tracked plans. A 5-year average investment return of 9.8% factors into the plan's overall trajectory.
For New York taxpayers and plan members, the $457M 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
10,793
Active Members
16,578
Retirees
27,433
Total Members
Plan Details
- Plan Type
- Police & Fire
- State
- New York
- Market Assets
- $18.66B
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to New York City Fire's 97.6% funded ratio.
Other New York Plans
- New York City Educational 108.9%
- New York State Teachers Retirement System 98.6%
- New York City Employees Retirement System 82.2%
- New York City Police 79.9%
- New York City Teachers Retirement System 76.8%
Frequently Asked Questions
Is New York City Fire fully funded?
New York City Fire has a funded ratio of 97.6% as of FY2023, earning a health grade of B. Funded ratios are reported on each plan's actuarial basis, which can smooth investment gains and losses over time. A single percentage is therefore a comparison point rather than a complete forecast.
What happens if New York City Fire runs out of money?
The PPD records a plan's reported financial measures; it does not provide a guarantee analysis. Check the plan's official disclosures for jurisdiction-specific benefit and funding information.
What does a funded ratio of 97.6% mean?
A funded ratio of 97.6% means that New York City Fire currently has assets equal to 97.6% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $457M. This is considered adequately funded.
How does New York City Fire compare to other public pensions?
New York City Fire is a Police & Fire plan in New York serving 27,433 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. New York City Fire's funded ratio of 97.6% places it above the national average, reflecting strong fiscal management.
How many members does New York City Fire have?
New York City Fire covers 27,433 total members, including 10,793 active employees and 16,578 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.