Public Retirement Systems Study
Tracking the latest data on public pension fiscal, operational, and business practices
The NCPERS Public Retirement Systems Study is the industry’s most comprehensive annual snapshot of fiscal health, governance practices, and emerging priorities. For more than a decade, this research has helped trustees, administrators, and policymakers make informed decisions that strengthen retirement security for millions of public servants. Each edition provides actionable insights and an interactive dashboard for customized benchmarking, exclusively available to NCPERS members.
Conducted each fall, plans that participate in the study are recognized with the Certificate of Excellence for Public Pension Reporting and Transparency for furthering open disclosure, increasing the range of data from which to learn from, and contributing to the public’s understanding of public retirement systems.
Find answers to frequently asked questions about the survey methodology and participation here and sign up to learn more about NCPERS Surveys.
2025 Public Retirement Systems Study
The 2025 study reflects data provided by 201 public pensions that collectively oversee $3 trillion in retirement assets on behalf of more than 17 million state and local public servants. Public pensions are continuing to see improvements in fiscal performance. Key findings include:
- Average funded ratios reached a five-year high of 83.1% and amortization periods reached a three-year low of 18.5 years for plans with fiscal year-end dates in the first half of 2024.
- These systems reported average one-year investment returns of 9.47% (net of fees).
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Top priorities include cybersecurity, maintaining strong funded ratios, and modernizing pension administration systems.
To learn more, download the report or explore the member-only, interactive dashboard to filter the results by plan size, beneficiary types, and more. Watch the dashboard tutorial or contact research@ncpers.org with any questions.
2024 Public Retirement Systems Study
State and local government pension funds from across the U.S. were invited to participate in the study, conducted September to December 2023. Nearly 160 funds with more than 13.8 million active and retired members and assets exceeding $2.3 trillion responded to the survey.
Key findings:
- Public pensions saw average investment management expenses decrease to a four-year low of 39 basis points, suggesting a return to post-pandemic normalcy.
- Sixty-three percent of funds reported receiving their full actuarial contribution, up from 57 percent the prior year.
- Investment earnings continue to serve as the primary source of funding, accounting for 63 percent of public pensions’ revenue on average.
To learn more, download the report or explore the member-only, interactive dashboard to filter the results by plan size, beneficiary types, and more. Watch the dashboard tutorial or contact research@ncpers.org with any questions.