Funded Ratio
82.9%
actuarial assets / liabilities
Plan
San Francisco City and County Retirement System
State
California
Funded Ratio
82.9%
Assets
$33.69B
Members
78,761
Health Grade: B — Adequately funded — meeting most funding benchmarks
FY2023 data Grade B Public Plans Database
San Francisco City and County Retirement System
Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for San Francisco City and County Retirement System — sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.
B
Financial Health Grade
Adequately funded — meeting most funding benchmarks
Unfunded Liability
$6.94B
actuarial shortfall
Total Members
78,761
active + retired + vested
1-Year Return
9.1%
net investment return
2.1pp vs 5-yr avg
5-Year Avg Return
7.0%
annualized, net of fees
ARC Payment
14.1%
of actuarially required contribution
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 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 |
|---|---|
| 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). These figures aggregate from Form 5500 filings submitted to the Department of Labor and actuarial valuations reported through NASRA.
A funded ratio above 80% signals that San Francisco City and County Retirement System has substantial assets to meet projected obligations, placing it above the national public-pension average of roughly 72–75%. Employer contributions covered 14.1% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 7.0%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.
For California taxpayers and plan members, the $6.94B 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 San Francisco City and County Retirement System rely on the full faith and credit of California — 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
34,016
Active Members
32,104
Retirees
78,761
Total Members
Plan Details
- Plan Type
- Municipal
- State
- California
- Market Assets
- $33.69B
- ARC Payment
- 14.1%
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Other California Plans
- Sacramento County ERS 101.7%
- Kern County Employees Retirement Association 93.1%
- San Diego County Employees Retirement Association 91.2%
- Los Angeles Water and Power 82.6%
- Alameda County Employee's Retirement Association 82.5%
Related Resources
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. 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 San Francisco City and County Retirement System runs out of money?
Public pension plans like San Francisco City and County Retirement System are backed by the sponsoring government entity — in this case California. 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 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 72–75%. 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.
What is the ARC payment percentage for San Francisco City and County Retirement System?
San Francisco City and County Retirement System pays 14.1% 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.
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 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