California Public Pension Plans
15 plans tracked by the Public Plans Database
What the Data Says About California Public Pensions
California currently sponsors 15 public pension plans tracked by the Public Plans Database (PPD), covering a combined 3,952,546 active employees and retirees across teacher, police-and-fire, judicial, municipal, and general state systems. The weighted average funded ratio across these 15 plans is 77.5%, with a combined unfunded liability of $408.79B. These disclosures derive from Form 5500 filings submitted to the Department of Labor and actuarial valuations reported through NASRA and Boston College's Center for Retirement Research.
California's average funded ratio sits near or slightly below the national public-pension average of 72–75%, indicating moderate funding gaps that require sustained employer contributions and realistic assumption-setting to avoid erosion over the next economic cycle. The $408.79B unfunded liability represents the actuarial shortfall between projected obligations and current assets across all 15 plans, which flows through to state and local budgets over time as amortization payments.
Unlike private-sector pensions, which fall under ERISA and are backstopped by the Pension Benefit Guaranty Corporation (PBGC), California's public plans rely on the full faith and credit of the sponsoring government entity. That distinction matters for the 3,952,546 California workers and retirees covered by these systems: funding shortfalls are addressed through state and local budget decisions rather than federal insurance. 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 questions about their specific benefits should consult their plan administrator directly.
| Plan | Funded Ratio | Grade |
|---|---|---|
| Sacramento County ERS | 101.7% | B |
| Kern County Employees Retirement Association | 93.1% | B |
| San Diego County Employees Retirement Association | 91.2% | B |
| San Francisco City and County Retirement System | 82.9% | B |
| Los Angeles Water and Power | 82.6% | B |
| Alameda County Employee's Retirement Association | 82.5% | B |
| California State Teachers Retirement System | 76.7% | C |
| Los Angeles County Employees Retirement Association | 74.0% | C |
| Los Angeles City Employees Retirement System | 71.3% | C |
| California Public Employees Retirement System | 71.3% | C |
| University of California Retirement System | 63.1% | C |
| Los Angeles Fire and Police | 61.2% | C |
| Contra Costa County Employees' Retirement Association | 55.2% | D |
| Orange County ERS | N/A | F |
| San Diego City ERS | N/A | F |
Frequently Asked Questions
How many public pension plans does California have?
California has 15 public pension plans tracked by the Public Plans Database (PPD), covering 3,952,546 total members. These plans include state-level and local government retirement systems for teachers, police, firefighters, and general employees.
Is California's pension system in crisis?
California's public pension plans have an average funded ratio of 77.5% and a total unfunded liability of $408.79B. An average funded ratio in the 60–80% range indicates moderate underfunding that requires attention but is not yet at crisis levels. Data is sourced from the Boston College Center for Retirement Research.
What is the average funded ratio in California?
The average funded ratio across all 15 public pension plans in California is 77.5%, based on the most recent Public Plans Database data. A funded ratio of 100% means a plan has sufficient assets to meet all projected obligations. The national average for public pensions is approximately 72–75%. Individual plan ratios in California vary — browse the table above to compare specific plans.
Read our methodology — how this data is sourced, computed, and verified.
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