Syracuse Municipal Employees Retirement System
public plan · City of Syracuse · Albany, NY
Funding History
What This Means for You
Syracuse Municipal Employees Retirement System is significantly underfunded at 38%, with $6.3B in unfunded liabilities affecting 13,121 participants. Plans at this funding level face difficult choices: raising contributions substantially, reducing future benefit accruals, or in extreme cases, applying for benefit suspensions. The PBGC has flagged this plan as critical status. Public plans cannot declare bankruptcy, but severe underfunding may lead to reduced cost-of-living adjustments or increased employee contributions. If you are a participant, it is important to understand your options and consider diversifying your retirement income sources.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $3.8B | $10.0B | 37.5% | $130.8M |
| 2024 | $3.6B | $10.8B | 33.3% | $176.9M |
| 2023 | $3.5B | $9.5B | 37.3% | $168.0M |
| 2022 | $3.2B | $7.9B | 40.8% | $157.0M |
| 2021 | $3.1B | $12.0B | 25.7% | $123.6M |
Frequently Asked Questions
Syracuse Municipal Employees Retirement System is 38% funded, meaning it has 38 cents in assets for every dollar in future benefit obligations. This is significantly underfunded and participants should monitor the situation closely.
Syracuse Municipal Employees Retirement System has 13,121 total participants, including 7,073 active employees and 6,048 retirees currently receiving benefits.
Syracuse 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.