Public Retirement Systems Study
Tracking the latest data on public pension fiscal, operational, and business practices
NCPERS 16th Annual Public Retirement Systems Study Now Underway
Conducted annually since 2011, NCPERS Public Retirement Systems Study is the industry's most comprehensive examination of public pension funding, investments, governance, and operational practices. Drawing on responses from systems of all sizes across the country, it helps trustees, administrators, and policymakers understand emerging trends, evaluate peer practices, and strengthen retirement security for millions of public servants.
In mid-September, NCPERS invited more than 500 public pension systems to participate by providing data on plan design, investment allocation and returns, actuarial assumptions, and governance practices. The deadline to participate is October 23, 2026.
- Questions? Find answers to frequently asked questions about the study's methodology and instructions for participation.
- Interested in learning more about how to participate? Please contact NCPERS Director of Research, Matt Eckel, at research@ncpers.org.
NCPERS 2026 Public Retirement Systems Study: Results Now Available
While the 2027 study is now underway, the findings from the most recently completed study remain available. The 2026 report reflects data gathered from 149 public pension systems serving approximately 18.1 million members. This year’s findings illustrate how public pensions are using disciplined funding practices to support long-term financial strength while continuing to embrace technological innovation.
Key takeaways include:
- Public pension leaders are cautiously embracing AI. Just over 35% of systems reported using artificial intelligence for at least one purpose, including fraud detection and participant communications — a significant increase compared to prior years.
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The data indicates a broad trend toward modestly lower equity allocations and increased allocations to fixed income, as systems recalibrate portfolios following sharp market swings, rising interest rates, and changing capital market assumptions.
- Public pensions with fiscal year-end dates in the first half of 2025 reported average one-year investment returns of 10.2% (net of fees) and ten-year returns of 7.5%.
- The findings continues to underscore the importance of consistent contributions as a key drive of fiscal health. Systems that received their full actuarially determined contribution reported meaningfully higher (median: 13.2 percentage points) funded ratios than those that did not.
With differing plan designs, populations served, employer characteristics, and fiscal year-end dates, context is key for meaningful peer comparisons. That’s why NCPERS members also have exclusive access to an interactive online dashboard that allows users to filter by plan size, employee type, and other datapoints for more accurate benchmarking.
Note: If you haven't already done so, follow these steps to create your account on our newly redesigned website before logging in to view the dashboard. To take full advantage of the dashboard's features, we encourage you to first watch this short tutorial. Please contact research@ncpers.org with any questions.
About NCPERS Public Retirement Systems Study
Conducted annually since 2011, the study is a trusted resource for public pension professionals seeking insight into investment trends, funding practices, and operational priorities across peer systems of all sizes. This research has helped trustees, administrators, and policymakers make informed decisions that strengthen retirement security for millions of public servants.
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.
Each edition provides actionable insights and an interactive dashboard for customized benchmarking, exclusively available to NCPERS members.
Find answers to frequently asked questions about the survey methodology and participation here and sign up to learn more about NCPERS Surveys.
Past Editions of NCPERS Public Retirement Systems Study
- The 2025 Public Retirement Systems 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. Download the report and access the member-only dashboard.
- Nearly 160 funds with more than 13.8 million active and retired members and assets exceeding $2.3 trillion responded to the 2024 Public Retirement Systems Study. To learn more, explore the member-only dashboard or download the report.