Police & Firefighter Pension Plans Ranked
Public safety pensions cover police officers, firefighters, sheriffs, and corrections officers. These plans often face unique funding pressures from earlier retirement ages and higher benefit formulas.
The Public Safety Pension Challenge
First responders typically retire at 50-55 with 80-90% of final salary — among the most generous pension formulas in the public sector. This creates a structural funding challenge: 25-30 years of benefit payments funded by 20-25 years of contributions. When cities defer contributions, the math compounds quickly. Chicago's police and fire funds reached funding ratios below 25%.
| # | Plan Name | State | Participants | Funding Ratio | Unfunded Gap | Grade |
|---|---|---|---|---|---|---|
| 1 | New Jersey Police & Firemen's Retirement System (PFRS) State of New Jersey | NJ | 88,000 | 58.1% | $21.6B | C |
| 2 | NYC Police Pension Fund New York City | NY | 60,000 | 78.3% | $13.6B | B |
| 3 | Ohio Police & Fire Pension Fund (OP&F) State of Ohio | OH | 56,000 | 73.8% | $6.2B | B |
| 4 | Chicago Policemen's Annuity & Benefit Fund City of Chicago | IL | 31,000 | 23.3% | $15.8B | F |
| 5 | NYC Fire Department Pension Fund New York City | NY | 28,000 | 76.2% | $5.5B | B |
| 6 | Los Angeles Fire & Police Pensions (LAFPP) City of Los Angeles | CA | 27,500 | 89.5% | $3.7B | A |
| 7 | Chicago Firefighters Annuity & Benefit Fund City of Chicago | IL | 13,500 | 19.5% | $7.8B | F |
| 8 | Dallas Police & Fire Pension System City of Dallas | TX | 11,200 | 45.1% | $2.9B | D |
| 9 | Houston Firefighters Relief & Retirement Fund City of Houston | TX | 7,200 | 82.3% | $1.0B | A |
Frequently Asked Questions
Are police and firefighter pensions at risk?
Of the 9 public safety pension plans we track, 4 have funding ratios below 60% — a serious risk threshold. The average funding ratio is 61%. Public safety pensions face unique pressures: earlier retirement ages (often 50-55), higher benefit multipliers, and disability provisions that increase costs.
Why are public safety pensions more expensive?
Police and firefighters typically retire 10-15 years earlier than other public employees, meaning their pensions pay benefits for longer. They also receive higher benefit multipliers (often 3% per year of service vs. 2% for general employees) and have more disability retirements due to the physical demands of the job.
What cities have the worst police/fire pension funding?
Cities like Chicago, Dallas, and Detroit have faced well-publicized pension crises in their public safety funds. Chicago's police and fire pension funds have historically been among the most underfunded in the nation, with funding ratios below 25% at their worst points.