Unfunded Liability
$6.94B
actuarial shortfall
FY2023 data · Public Plans Database
San Francisco City and County Retirement System
San Francisco City and County Retirement System'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 · · California · Municipal Plan · Data through FY2023
- Funded ratio
- 82.9%
- Health grade
- BReported funded ratio above the portfolio average range
- Market assets
- $33.69B
- Members
- 78,761
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, San Francisco City and County 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
78,761
active + retired + vested
1-Year Return
11.3%
net investment return
4.3pp vs 5-yr avg
5-Year Avg Return
7.0%
annualized, net of fees
How San Francisco City and County Retirement System Funded Ratio Compares
Plan Funded Ratio 82.9%
National avg
A ratio of 82.9% 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 | N/A |
| 2023 | 82.9% |
| 2022 | 83.6% |
| 2021 | 83.8% |
| 2020 | 82.6% |
| 2019 | 79.3% |
| 2018 | 77.3% |
| 2017 | 81.0% |
| 2016 | 80.0% |
| 2015 | 84.9% |
| 2014 | 83.8% |
| 2013 | 82.4% |
| 2012 | 80.9% |
| 2011 | 77.4% |
| 2010 | 76.1% |
| 2009 | 75.3% |
| 2008 | 75.3% |
| 2007 | 96.3% |
| 2006 | 92.7% |
| 2005 | 89.1% |
What the Data Says About San Francisco City and County Retirement System
San Francisco City and County Retirement System reports a funded ratio of 82.9% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $33.69B in market assets against an unfunded liability of $6.94B. As a Municipal plan operating under California sponsorship, it covers 78,761 members (34,016 active contributors, 32,104 retirees drawing benefits).
San Francisco City and County Retirement System ranks among the better-funded plans in the database, 7 points above the 75.5% national average across tracked plans. A 5-year average investment return of 7.0% factors into the plan's overall trajectory.
For California taxpayers and plan members, the $6.94B 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
34,016
Active Members
32,104
Retirees
78,761
Total Members
Plan Details
- Plan Type
- Municipal
- State
- California
- Market Assets
- $33.69B
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to San Francisco City and County Retirement System's 82.9% funded ratio.
Other California Plans
- Sacramento County ERS 101.7%
- San Diego County Employees Retirement Association 94.3%
- Kern County Employees Retirement Association 93.5%
- Alameda County Employee's Retirement Association 81.8%
- Los Angeles Water and Power 81.6%
Frequently Asked Questions
Is San Francisco City and County Retirement System fully funded?
San Francisco City and County Retirement System has a funded ratio of 82.9% as of FY2023, earning a health grade of B. 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 San Francisco City and County Retirement System runs out of money?
This profile is not a legal or retirement-benefit assessment. For a decision affecting San Francisco City and County Retirement System, consult the plan administrator, governing documents, and a qualified professional.
What does a funded ratio of 82.9% mean?
A funded ratio of 82.9% means that San Francisco City and County Retirement System currently has assets equal to 82.9% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $6.94B. This is considered adequately funded.
How does San Francisco City and County Retirement System compare to other public pensions?
San Francisco City and County Retirement System is a Municipal plan in California serving 78,761 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. San Francisco City and County Retirement System's funded ratio of 82.9% places it above the national average, reflecting strong fiscal management.
How many members does San Francisco City and County Retirement System have?
San Francisco City and County Retirement System covers 78,761 total members, including 34,016 active employees and 32,104 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.