Unfunded Liabilities by Employee Coverage (Actuarial Value), 2001–2025
Notes
Assets and Liabilities reflect aggregate assets held and liabilities owed by all plans for each year. Values are reported in nominal dollars.Funded Ratio is the calculated share of total liabilities covered by available assets in any given year.
For the years 2001-2013: Assets reflect the market valuation of assets for each plan. Liabilities reflect the actuarially accrued liabilities.
For the years 2014-2023: Assets reflect the fiduciary net position for each plan. Liabilities reflect the total pension liabilities.
For 2024: Values reflect actual reported figures when FY 2024 documentation has been released by plans. All other values reflect estimates using 2023 totals that are then rolled-forward using our roll-forward model with actual reported investment returns for FY 2024 (when available), partial year investment returns (when available), or asset class benchmarks. For more details, please see the methodology.
For 2025: Values reflect actual reported figures when FY 2025 documentation has been released by plans. All other values reflect estimates using 2024 totals that are then rolled-forward using our roll-forward model with actual reported investment returns for FY 2025 (when available), partial year investment returns (when available), or asset class benchmarks. For more details, please see the methodology.
Note that negative values can exist if/when plans have a surplus. In the case for 2001 and 2007, there are technically surpluses in the aggregated public school employees systems driven by surpluses in CalPERS PERF B for both years along with surpluses in NYC BERS and Washington SERS 2/3.
Chart: Equable