Is University of California Retirement System fully funded?

University of California Retirement System has a source-reconciled actuarial funded ratio of 82.5% as of FY2024, earning a health grade of C. The reported ratio shows actuarial assets divided by actuarial accrued liabilities for the stated fiscal year. Its interpretation depends on the plan's assumptions, valuation date, and contribution history.

What happens if University of California Retirement System runs out of money?

A public plan's reported ratio is only one part of its financial picture. PlainPension does not predict actions by University of California Retirement System, California, or any public body.

What does a funded ratio of 82.5% mean?

A funded ratio of 82.5% means that University of California Retirement System reported actuarial assets equal to 82.5% of its accrued liabilities at that valuation date. The source-reported actuarial unfunded liability stands at $20.44B. This is considered adequately funded.

How does University of California Retirement System compare to other public pensions?

University of California Retirement System is a General State plan in California serving 267,847 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. University of California Retirement System's source-reconciled actuarial funded ratio of 82.5% places it above the national average, reflecting strong fiscal management.

How many members does University of California Retirement System have?

University of California Retirement System covers 267,847 total members, including 141,416 active employees and 87,282 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.

FY2024 source-reconciled actuarial data · Public Plans Database

University of California Retirement System

The Public Plans Database's 23-year record for University of California Retirement System: funded ratio, unfunded liability, member counts, and investment returns, compiled by Boston College CRR and cross-checked against actuarial valuations.

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By PlainPension · July 2026 · California · General State Plan · Data through FY2024

Actuarial funded ratio: 82.5%
Health grade: CReported funded ratio below full funding
Actuarial assets: $96.05B
Members: 267,847

According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, University of California Retirement System is one of 197 public pension plans tracked nationwide. The plan card reports source-reconciled actuarial figures through FY2024; the multi-year table includes only years whose reported ratio ties to its actuarial dollars. This site’s database copy was last loaded in July 2026. See our methodology for the full source and update cadence.

Sliding funded-ratio path

University of California Retirement System lost 65.2 points from FY2001 (147.7%) to FY2024 (82.5%) on the reconciled series.

University of California Retirement System on a sliding funded path

According to the Public Plans Database, University of California Retirement System lost 65.2 points on the reconciled series from FY2001 to FY2024, and now reports 82.5% (grade C).

82.5%
Funded · #160 of 192: C
Health grade: $20.44B
Actuarial unfunded liability: -65.2pp
FY2001→FY2024

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Actuarial Unfunded Liability

$20.44B

Very large unfunded liability · source-reported UAAL

Total Members

267,847

active + retired + vested

1-Year Return

8.9%

Above assumed rate · net investment return

-0.6pp vs 5-yr avg

5-Year Avg Return

9.5%

Above assumed rate · annualized, net of fees

Composite Health Score

55/100

University of California Retirement System

Transparent derived index from public pension-plan filings, not an official rating. A 4-dimension composite (funded ratio, contribution discipline, 5-year investment return, unfunded burden), each scored against this dataset's own percentile distribution across 197 reporting plans. Not the same as the plan's headline funded-ratio grade above. See the exact dimensions, weights, and formula.

Funded Ratio B-

82.5%

Actuarial assets as a share of liabilities

Contribution Discipline F

72.6%

Share of the actuarially required contribution actually paid

Investment Returns A-

9.5%

5-year annualized investment return

Unfunded Burden B-

17.1%

Unfunded liability as a share of total obligations

How this score is calculated (benchmark table)

Dimension	P10	P25	P50	P75	P90	Weight
Funded ratio (higher = better)	57.6%	67.2%	75.0%	87.0%	97.6%	0.35
Contribution discipline (ARC) (higher = better)	88.4%	100.0%	100.0%	104.1%	122.1%	0.25
5yr investment return (higher = better)	6.4%	7.5%	8.3%	9.1%	9.9%	0.20
Unfunded burden (lower = better)	2.0%	12.7%	25.0%	33.1%	42.4%	0.20

Percentiles computed across all 197 plans in this database with a reported value for that metric (2026-09-09). A dimension a plan does not report drops out of its composite, and that weight redistributes across the dimensions it does report, so thin reporting never silently lowers a score relative to a fully-reported peer.

Participant Composition

Investment Policy Mix

What changed, FY2023 to FY2024

0.6 pts funded ratio

University of California Retirement System's funded ratio rose 0.6 points from FY2023 to FY2024, with assets contributing +5.5 points and the accrued liability contributing -4.8.

Funded ratio

81.8% → 82.5%

Actuarial assets

$90.04B → $96.05B (+6.7%)

Accrued liability

$110.06B → $116.50B (+5.9%)

Where the 0.6-point move came from

Assets: +5.5 pts
Accrued liability: -4.8 pts

Accrued liability is the source-reported value for benefits already promised. The two contributions are the move the ratio would have made on the prior year’s liability (assets) and the remainder (liability); they sum to the total by construction. Both years shown provide source-reconciled actuarial assets and liability, so neither figure rests on a ratio published on its own. Source: Public Plans Database (Boston College CRR / NASRA), loaded July 2026. See our funding-change board for how this plan’s move compares with the rest of the dataset.

Historical Actuarial Funding

Year	Actuarial Ratio	Assets	Liabilities	UAAL	Members	ARC	1yr return
2024	82.5%	$96.05B	$116.50B	$20.44B	N/A	71.1%	10.5%
2023	81.8%	$90.04B	$110.06B	$20.01B	267,847	72.6%	8.9%
2022	83.5%	$85.72B	$102.72B	$17.00B	258,485	77.9%	-1.4%
2021	83.1%	$80.81B	$97.24B	$16.43B	251,059	76.8%	25.6%
2020	78.8%	$73.32B	$93.09B	$19.77B	250,976	97.1%	3.8%
2019	79.9%	$70.17B	$87.78B	$17.61B	243,474	87.8%	6.5%
2018	86.6%	$66.58B	$76.88B	$10.30B	241,450	93.8%	8.0%
2017	84.8%	$61.88B	$72.97B	$11.08B	237,728	96.3%	11.6%
2016	82.6%	$57.23B	$69.31B	$12.08B	233,218	96.6%	-0.3%
2015	81.7%	$53.76B	$65.84B	$12.08B	225,255	94.2%	2.2%
2014	80.0%	$48.33B	$60.42B	$12.09B	218,921	63.9%	15.1%
2013	75.9%	$43.57B	$57.38B	$13.81B	213,502	35.7%	11.1%
2012	78.7%	$42.97B	$54.62B	$11.65B	208,695	89.8%	1.6%
2011	82.5%	$42.76B	$51.83B	$9.07B	204,023	92.9%	20.4%
2010	86.7%	$41.20B	$47.50B	$6.31B	200,453	8.8%	13.5%
2009	94.8%	$42.80B	$45.16B	$2.36B	198,613	100.0%	-19.2%
2008	103.0%	$43.84B	$42.58B	$-1263M	193,849	100.0%	-5.4%
2007	104.8%	$43.43B	$41.44B	$-1997M	193,343	100.0%	15.8%
2006	104.1%	$41.97B	$40.30B	$-1671M	193,329	100.0%	12.6%
2005	110.3%	$41.08B	$37.25B	$-3833M	188,790	100.0%	12.2%

What the Data Says About University of California Retirement System

University of California 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 9.5% factors into the plan's overall trajectory.

For California taxpayers and plan members, the $20.44B source-reported actuarial unfunded liability is the 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

141,416

Active Members

87,282

Retirees

267,847

Total Members

Plan Details

Plan Type: General State
State: California
Market Assets: $98.76B

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

Plans With a Similar Funded Ratio

The closest plans nationwide to University of California Retirement System's 62.8% funded ratio.

Showing 5 of 191 plans nationwide with a reported funded ratio.

Ohio State Teachers Retirement System 62.9%
Austin Fire 62.7%
Tucson Supplemental Retirement System 62.2%
Alabama ERS 63.4%
Illinois Municipal Retirement Fund 62.2%

Other California Plans

All California plans →

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Cite this page

PlainPension, “University of California Retirement System: Funded Ratio, Assets, and Actuarial Data.” Compiled from the Public Plans Database (PPD), compiled by the Boston College Center for Retirement Research with MissionSquare Research Institute and NASRA; data as of FY2023 plan card; history through FY2024. https://plainpension.com/plan/university-of-california-retirement-system

Formal citation formats (APA / MLA)

APA: PlainPension. (2023). University of California Retirement System: Funded Ratio, Assets, and Actuarial Data. Retrieved September 23, 2026, from https://plainpension.com/plan/university-of-california-retirement-system

MLA: "University of California Retirement System: Funded Ratio, Assets, and Actuarial Data." PlainPension, 2023, https://plainpension.com/plan/university-of-california-retirement-system.

You are welcome to quote these figures with attribution to PlainPension and the underlying source. The URL above is stable. See our Terms of Use for what reuse is permitted.

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. University of California Retirement System ranks #160 of 192 by funded ratio and #36 of 190 by membership. This information is for informational purposes only and does not constitute professional advice, consult a qualified professional before acting on it. See our editorial standards & corrections policy, the typed corrections pathway, the methodology behind these numbers, or report a data error. Data current as of July 2026.

Compiled by PlainPension · July 23, 2026