Unfunded Liability
$1.49B
actuarial shortfall
FY2023 data · Public Plans Database
Providence Employees Retirement System
Providence Employees Retirement System 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 · · Rhode Island · General State Plan · Data through FY2023
- Funded ratio
- 23.4%
- Health grade
- FLowest reported funded-ratio band in this dataset
- Market assets
- $454M
- Members
- 6,940
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, Providence Employees Retirement System is one of 197 public pension plans tracked nationwide; PlainPension's dataset was last refreshed in May 2026, see our methodology for the full source and update cadence.
Total Members
6,940
active + retired + vested
1-Year Return
11.8%
net investment return
6.7pp vs 5-yr avg
5-Year Avg Return
5.2%
annualized, net of fees
How Providence Employees Retirement System Funded Ratio Compares
Plan Funded Ratio 23.4%
National avg
A ratio of 23.4% 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 | 24.6% |
| 2023 | 23.4% |
| 2022 | 23.8% |
| 2021 | 24.0% |
| 2020 | 23.1% |
| 2019 | 22.3% |
| 2018 | 23.8% |
| 2017 | 23.7% |
| 2016 | 23.7% |
| 2015 | 28.2% |
| 2014 | 26.1% |
| 2013 | 29.7% |
| 2012 | 31.3% |
| 2011 | 36.2% |
| 2010 | 40.4% |
| 2009 | 44.5% |
| 2008 | 48.3% |
| 2007 | 51.5% |
| 2006 | 50.4% |
| 2005 | 50.7% |
What the Data Says About Providence Employees Retirement System
Providence Employees Retirement System reports a funded ratio of 23.4% as of fiscal year 2023, earning a financial health grade of F in the Public Plans Database. The plan holds $454M in market assets against an unfunded liability of $1.49B. As a General State plan operating under Rhode Island sponsorship, it covers 6,940 members (3,055 active contributors, 3,268 retirees drawing benefits).
Providence Employees Retirement System reports assets covering only a small share of its projected obligations, 52 points below the 75.5% national average across tracked plans. A 5-year average investment return of 5.2% factors into the plan's overall trajectory.
For Rhode Island taxpayers and plan members, the $1.49B 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
3,055
Active Members
3,268
Retirees
6,940
Total Members
Plan Details
- Plan Type
- General State
- State
- Rhode Island
- Market Assets
- $454M
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to Providence Employees Retirement System's 23.4% funded ratio.
Frequently Asked Questions
Is Providence Employees Retirement System fully funded?
Providence Employees Retirement System has a funded ratio of 23.4% as of FY2023, earning a health grade of F. 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 Providence Employees Retirement System 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 23.4% mean?
A funded ratio of 23.4% means that Providence Employees Retirement System currently has assets equal to 23.4% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $1.49B. This level of underfunding typically requires corrective action such as increased contributions or benefit restructuring.
How does Providence Employees Retirement System compare to other public pensions?
Providence Employees Retirement System is a General State plan in Rhode Island serving 6,940 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. Providence Employees Retirement System's funded ratio of 23.4% places it below the national average, indicating elevated fiscal pressure.
How many members does Providence Employees Retirement System have?
Providence Employees Retirement System covers 6,940 total members, including 3,055 active employees and 3,268 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.