Unfunded Liability
$20.46B
actuarial shortfall
FY2023 data · Public Plans Database
New York City Teachers Retirement System
Drawing on 23 years of Public Plans Database history (Boston College CRR), this page covers New York City Teachers Retirement System's funded ratio, unfunded liability, member counts, and investment returns, cross-checked against actuarial valuations.
By PlainPension · · New York · Teachers Plan · Data through FY2023
- Funded ratio
- 76.8%
- Health grade
- CReported funded ratio below full funding
- Market assets
- $67.93B
- Members
- 228,336
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, New York City Teachers Retirement System 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
228,336
active + retired + vested
1-Year Return
8.9%
net investment return
-1.0pp vs 5-yr avg
5-Year Avg Return
9.9%
annualized, net of fees
How New York City Teachers Retirement System Funded Ratio Compares
Plan Funded Ratio 76.8%
National avg
A ratio of 76.8% 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 | 79.9% |
| 2023 | 76.8% |
| 2022 | 82.0% |
| 2021 | 80.2% |
| 2020 | 76.1% |
| 2019 | 76.8% |
| 2018 | 76.9% |
| 2017 | 76.8% |
| 2016 | 75.6% |
| 2015 | 77.1% |
| 2014 | 74.1% |
| 2013 | 71.6% |
| 2012 | 73.0% |
| 2011 | 77.3% |
| 2010 | 78.5% |
| 2009 | 77.4% |
| 2008 | 82.0% |
| 2007 | 87.5% |
| 2006 | 92.0% |
| 2005 | 98.5% |
What the Data Says About New York City Teachers Retirement System
New York City Teachers Retirement System reports a funded ratio of 76.8% as of fiscal year 2023, earning a financial health grade of C in the Public Plans Database. The plan holds $67.93B in market assets against an unfunded liability of $20.46B. As a Teachers plan operating under New York sponsorship, it covers 228,336 members (123,211 active contributors, 89,997 retirees drawing benefits).
New York City Teachers Retirement System shows a comfortably above-average funding position, 1 points above the 75.5% national average across tracked plans. A 5-year average investment return of 9.9% factors into the plan's overall trajectory.
For New York taxpayers and plan members, the $20.46B 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
123,211
Active Members
89,997
Retirees
228,336
Total Members
Plan Details
- Plan Type
- Teachers
- State
- New York
- Market Assets
- $67.93B
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 Teachers Retirement System's 76.8% funded ratio.
Other New York Plans
- New York City Educational 108.9%
- New York State Teachers Retirement System 98.6%
- New York City Fire 97.6%
- New York City Employees Retirement System 82.2%
- New York City Police 79.9%
Frequently Asked Questions
Is New York City Teachers Retirement System fully funded?
New York City Teachers Retirement System has a funded ratio of 76.8% as of FY2023, earning a health grade of C. This ratio summarizes one reported funding measure. It does not substitute for a plan's actuarial valuation, financial statements, or a review of its contribution policy.
What happens if New York City Teachers Retirement System runs out of money?
New York City Teachers Retirement System's reported funding data can identify questions for further research. It does not establish how a sponsor will set contributions, benefits, or revenue policy.
What does a funded ratio of 76.8% mean?
A funded ratio of 76.8% means that New York City Teachers Retirement System currently has assets equal to 76.8% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $20.46B. This represents a moderate funding gap that requires ongoing monitoring.
How does New York City Teachers Retirement System compare to other public pensions?
New York City Teachers Retirement System is a Teachers plan in New York serving 228,336 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. New York City Teachers Retirement System's funded ratio of 76.8% places it near the national average.
How many members does New York City Teachers Retirement System have?
New York City Teachers Retirement System covers 228,336 total members, including 123,211 active employees and 89,997 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.