Updated May 2026 · Public Plans Database
New York Public Pension Plans
9 pension systems covering 2,416,612 participants
New York operates 9 pension systems covering 2,416,612 active and retired public workers. Aggregate funding stands at 88.4% — well funded, comfortably above the 80% threshold actuaries treat as healthy for an ongoing plan. 5 of 9 plans (56%) report below the 80% actuarial benchmark — a majority of the state's pension footprint, signaling systemic funding pressure across multiple systems.
New York's pension landscape is in relatively strong shape: 9 plans covering 2,416,612 participants, with combined assets of $651.9B against $737.6B in liabilities. Average funding ratio across plans runs 88%, well above the national median. Only 5 plans fall into the underfunded bracket.
Public-sector pension funding in New York reflects sustained contribution discipline plus favorable investment returns. The state's plans generally meet or exceed actuarial requirements; participants face lower benefit-modification risk than in less-funded states. Each plan below links to its full Form 5500 (private) or actuarial valuation (public) profile, with funding-history charts, participant demographics, and the LakeQuality pension-health grade.
What the Funding Ratio Means in New York
New York's aggregate pension funding ratio of 88.4% translates into $651.9B in plan assets against $737.6B in accrued benefit obligations across 9 systems. The aggregate unfunded gap of $85.7B represents the dollar amount that would have to be contributed today, on top of expected investment returns at the assumed discount rate, to fully fund every promised benefit.
That ratio is 13.2 percentage points above the national public-plan average of 75.2% — a healthier-than-typical position relative to peer states. State-level averages mask important variation between systems within a state: a heavily-funded teachers' retirement system can offset a critically underfunded police-and-fire plan, even though the participants in those plans face very different actuarial realities.
Public pensions in New York are not insured by the federal Pension Benefit Guaranty Corporation. Instead, accrued benefits are protected primarily through state constitutional or statutory clauses and the sponsor's taxing authority. Most state supreme courts have held public pension benefits to be contractually protected once accrued, though the legal framework and bargaining context vary significantly by state.
Plans in New York
| Plan Name | Participants | Funding Ratio | Grade |
|---|---|---|---|
| New York State & Local Retirement System (NYSLRS) | 1,070,000 | 95.3% | A |
| New York State Teachers Retirement System (NYSTRS) | 433,000 | 97.1% | A |
| NYC Employees Retirement System (NYCERS) | 370,000 | 76.8% | B |
| NYC Teachers Retirement System (TRS) | 225,000 | 74.2% | B |
| IBM Personal Pension Plan | 140,566 | 131.0% | A |
| NYC Police Pension Fund | 60,000 | 78.3% | B |
| Pfizer Inc. Retirement Annuity Plan | 56,716 | 108.8% | A |
| New York State Teamsters Conference Pension & Retirement Fund | 33,330 | 50.3% | C |
| NYC Fire Department Pension Fund | 28,000 | 76.2% | B |
How These Numbers Are Calculated
Each plan's funding ratio comes from its annual actuarial valuation, compiled by the Boston College Center for Retirement Research Public Plans Database from each system's ACFR. The Pension Health Score combines funding ratio (50% of the composite), 3-year funding trend (30%), and PBGC risk level (20%, set to low for public plans not subject to PBGC). State-level averages are dollar-weighted across all plans in the state. Read the full methodology.
Frequently Asked Questions
How well-funded are New York public pensions?
New York's public pensions are on average 88.4% funded across 9 systems. That puts the state above the national public-plan average of 75.2%. New York aggregate assets stand at $651.9B against $737.6B in accrued obligations, leaving an unfunded gap of $85.7B.
Are New York public pensions PBGC-insured?
No. PBGC insurance covers only ERISA-regulated private-sector defined-benefit plans. Public plans like those sponsored by New York state agencies, counties, and municipalities rely instead on state constitutional or statutory benefit protections, the taxing authority of the sponsor, and in some states explicit pension protection clauses. Most state supreme courts have held accrued benefits to be contractually protected, but the legal framework varies by state.
What does the funding ratio actually tell me about my New York pension?
A funding ratio compares plan assets to the present value of accrued benefits at the plan's assumed discount rate (typically 6.5%–7.5% for U.S. public plans). At 88.4%, the state's pensions hold comfortably above the 80% threshold actuaries treat as healthy for an ongoing plan. The funding ratio is the most-cited single measure of plan health, but it is sensitive to discount-rate assumptions and asset-smoothing methods. Two states with identical real-dollar gaps can post different ratios depending on the methodology they use.
How many New York pensions are underfunded?
5 of 9 plans (56%) report below the 80% actuarial benchmark — a majority of the state's pension footprint, signaling systemic funding pressure across multiple systems.
Where does this state pension data come from?
Every figure on this page comes from the Boston College Center for Retirement Research Public Plans Database — the standard academic compilation of annual valuation reports filed by U.S. state and municipal pension systems. The current dataset reflects valuations available as of May 2026. Public plans are not subject to ERISA reporting; PPD compiles data directly from each system's published Comprehensive Annual Financial Report (now ACFR) and actuarial valuation.
New York operates 9 pension systems covering 2,416,612 active and retired public workers. Aggregate funding stands at 88.4% — well funded, comfortably above the 80% threshold actuaries treat as healthy for an ongoing plan. 5 of 9 plans (56%) report below the 80% actuarial benchmark — a majority of the state's pension footprint, signaling systemic funding pressure across multiple systems.