Plan

Philadelphia Municipal Retirement System

State

Pennsylvania

Funded Ratio

79.7%

Assets

$7.81B

Members

64,369

Health Grade: C — Underfunded — significant gap between assets and liabilities

FY2023 data Grade C Public Plans Database

Philadelphia Municipal Retirement System

Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Philadelphia Municipal Retirement System — sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.

Browse all states → How we grade plans

By Kiznis Studio Editorial · June 2026 · Pennsylvania · Municipal Plan · Data through FY2023

Financial Health Grade

Underfunded — significant gap between assets and liabilities

Funded Ratio

79.7%

actuarial assets / liabilities

Unfunded Liability

$1.98B

actuarial shortfall

Total Members

64,369

active + retired + vested

1-Year Return

10.5%

net investment return

1.4pp vs 5-yr avg

5-Year Avg Return

9.1%

annualized, net of fees

ARC Payment

9.9%

of actuarially required contribution

How Philadelphia Municipal Retirement System Funded Ratio Compares

Plan Funded Ratio 79.7%

National avg

A ratio of 79.7% 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	79.7%	N/A	N/A	N/A
2023	78.5%	$7.81B	$2.14B	64,369
2022	77.2%	$6.94B	$2.04B	64,148
2021	77.0%	$7.42B	$2.21B	64,241
2020	74.8%	$5.78B	$1.95B	66,016
2019	73.2%	$5.69B	$2.09B	66,328
2018	74.2%	$5.34B	$1.86B	66,575
2017	76.3%	$4.87B	$1.52B	66,321
2016	78.1%	$4.36B	$1.22B	66,154
2015	78.2%	$4.67B	$1.30B	65,896
2014	79.0%	$4.92B	$1.31B	64,822
2013	77.6%	$4.45B	$1.28B	64,958
2012	78.6%	$3.92B	$1.07B	64,485
2011	81.9%	$4.03B	$892M	64,349
2010	84.6%	$3.50B	$638M	65,447
2009	87.5%	$3.38B	$482M	65,662
2008	78.6%	$4.42B	$1.20B	65,883
2007	94.0%	$4.90B	$314M	65,182
2006	94.4%	$4.32B	$258M	64,380
2005	95.1%	$4.10B	$210M	64,237

What the Data Says About Philadelphia Municipal Retirement System

Philadelphia Municipal Retirement System reports a funded ratio of 79.7% as of fiscal year 2023, earning a financial health grade of C in the Public Plans Database. The plan holds $7.81B in market assets against an unfunded liability of $1.98B. As a Municipal plan operating under Pennsylvania sponsorship, it covers 64,369 members (26,646 active contributors, 36,942 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 in the 60–80% range indicates moderate underfunding that falls near the national average of 72–75% but leaves the plan exposed to market downturns and demographic shifts. Employer contributions covered 9.9% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 9.1%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.

For Pennsylvania taxpayers and plan members, the $1.98B 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 Philadelphia Municipal Retirement System rely on the full faith and credit of Pennsylvania — 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

26,646

Active Members

36,942

Retirees

64,369

Total Members

Plan Details

Plan Type: Municipal
State: Pennsylvania
Market Assets: $7.81B
ARC Payment: 9.9%

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

Other Pennsylvania Plans

Pittsburgh Fire 94.3%
Pennsylvania Public School Employees Retirement System 88.8%
Pennsylvania Municipal Retirement System 73.5%
Pittsburgh Municipal 68.7%
Pennsylvania State Employees Retirement System 68.3%

All Pennsylvania plans →

Related Resources

Pension Guides

Frequently Asked Questions

Is Philadelphia Municipal Retirement System fully funded?

Philadelphia Municipal Retirement System has a funded ratio of 79.7% as of FY2023, earning a health grade of C. 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 Philadelphia Municipal Retirement System runs out of money?

Public pension plans like Philadelphia Municipal Retirement System are backed by the sponsoring government entity — in this case Pennsylvania. 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 79.7% mean?

A funded ratio of 79.7% means that Philadelphia Municipal Retirement System currently has assets equal to 79.7% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $1.98B. This represents a moderate funding gap that requires ongoing monitoring.

How does Philadelphia Municipal Retirement System compare to other public pensions?

Philadelphia Municipal Retirement System is a Municipal plan in Pennsylvania serving 64,369 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Philadelphia Municipal Retirement System's funded ratio of 79.7% places it near the national average.

How many members does Philadelphia Municipal Retirement System have?

Philadelphia Municipal Retirement System covers 64,369 total members, including 26,646 active employees and 36,942 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 Philadelphia Municipal Retirement System?

Philadelphia Municipal Retirement System pays 9.9% 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.

Browse all → | Rankings →

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