Unfunded Liability
$209.97B
actuarial shortfall
FY2023 data · Public Plans Database
New York State and Local Retirement Systems
New York State and Local Retirement Systems's complete funding picture: assets, unfunded liability, member counts, and investment returns over a 23-year span, as reported to the Public Plans Database (Boston College CRR) and cross-referenced with actuarial valuations.
By PlainPension · · New York · General State Plan · Data through FY2023
- Funded ratio
- 54.3%
- Health grade
- DLower reported funded ratio in this dataset
- Market assets
- $249.51B
- Members
- 1,076,078
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, New York State and Local Retirement Systems 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
1,076,078
active + retired + vested
1-Year Return
9.1%
net investment return
0.7pp vs 5-yr avg
5-Year Avg Return
8.3%
annualized, net of fees
How New York State and Local Retirement Systems Funded Ratio Compares
Plan Funded Ratio 54.3%
National avg
A ratio of 54.3% 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 | 55.5% |
| 2023 | 54.3% |
| 2022 | 53.4% |
| 2021 | 52.9% |
| 2020 | 51.8% |
| 2019 | 52.2% |
| 2018 | 55.1% |
| 2017 | 60.1% |
| 2016 | 57.2% |
| 2015 | 59.5% |
| 2014 | 60.9% |
| 2013 | 62.1% |
| 2012 | 63.6% |
| 2011 | 66.8% |
| 2010 | 69.5% |
| 2009 | 64.9% |
| 2008 | 73.1% |
| 2007 | 76.0% |
| 2006 | 78.0% |
| 2005 | 85.3% |
What the Data Says About New York State and Local Retirement Systems
New York State and Local Retirement Systems reports a funded ratio of 54.3% as of fiscal year 2023, earning a financial health grade of D in the Public Plans Database. The plan holds $249.51B in market assets against an unfunded liability of $209.97B. As a General State plan operating under New York sponsorship, it covers 1,076,078 members (514,150 active contributors, 514,629 retirees drawing benefits).
New York State and Local Retirement Systems's funded ratio lands close to the middle of the national distribution, 21 points below the 75.5% national average across tracked plans. A 5-year average investment return of 8.3% factors into the plan's overall trajectory.
For New York taxpayers and plan members, the $209.97B 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
514,150
Active Members
514,629
Retirees
1,076,078
Total Members
Plan Details
- Plan Type
- General State
- State
- New York
- Market Assets
- $249.51B
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 State and Local Retirement Systems's 54.3% 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 State and Local Retirement Systems fully funded?
New York State and Local Retirement Systems has a funded ratio of 54.3% as of FY2023, earning a health grade of D. At 100%, reported actuarial assets equal reported accrued liabilities. Plans use different assumptions and valuation methods, so ratios should be read alongside the underlying actuarial valuation.
What happens if New York State and Local Retirement Systems runs out of money?
This profile is not a legal or retirement-benefit assessment. For a decision affecting New York State and Local Retirement Systems, consult the plan administrator, governing documents, and a qualified professional.
What does a funded ratio of 54.3% mean?
A funded ratio of 54.3% means that New York State and Local Retirement Systems currently has assets equal to 54.3% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $209.97B. This level of underfunding typically requires corrective action such as increased contributions or benefit restructuring.
How does New York State and Local Retirement Systems compare to other public pensions?
New York State and Local Retirement Systems is a General State plan in New York serving 1,076,078 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. New York State and Local Retirement Systems's funded ratio of 54.3% places it below the national average, indicating elevated fiscal pressure.
How many members does New York State and Local Retirement Systems have?
New York State and Local Retirement Systems covers 1,076,078 total members, including 514,150 active employees and 514,629 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.