Chesapeake Municipal Employees Retirement System
public plan · City of Chesapeake · Virginia Beach, VA
Funding History
What This Means for You
Chesapeake Municipal Employees Retirement System is in good financial health at 72% funded. This means for every dollar the plan owes in future benefits, it has 72 cents in assets to cover it. As a public pension, benefits are typically backed by the taxing authority of the sponsoring government. Participants in this plan have relatively low risk of benefit reductions.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $5.0B | $6.9B | 72.0% | $225.2M |
| 2024 | $4.8B | $6.3B | 76.3% | $207.8M |
| 2023 | $4.7B | $6.7B | 70.6% | $191.2M |
| 2022 | $4.5B | $6.1B | 74.8% | $170.6M |
| 2021 | $4.1B | $6.6B | 63.1% | $235.9M |
Frequently Asked Questions
Chesapeake Municipal Employees Retirement System is 72% funded, meaning it has 72 cents in assets for every dollar in future benefit obligations. This is below the 80% threshold actuaries consider healthy, and may require increased contributions.
Chesapeake Municipal Employees Retirement System has 10,633 total participants, including 4,536 active employees and 6,097 retirees currently receiving benefits.
Chesapeake Municipal Employees Retirement System is not covered by the PBGC. Benefits depend entirely on the plan's assets and the sponsor's ability to fund it.
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.