Annual Public Retirement Systems Study
Since 2011, NCPERS has conducted our annual Public Retirement Systems Study to gather the latest data on funds’ fiscal, operational, and business practices. This serves as a key industry resource that helps public pensions benchmark their performance and provides valuable insights into public sector retirement trends.
Each study comes with an accompanying interactive dashboard that enables users to filter data by to compare their own performance and practices against peers. Please note: The dashboards are exclusively available to NCPERS members. If you have questions about your membership status or need assistance accessing the dashboards, please contact membership@ncpers.org.
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: Trends in Fiscal, Operational, and Business Practices
- Download the report.
- Access the interactive dashboard (members only: login required).
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. This report breaks down financial and investment data by fiscal year-end dates to more clearly reflect performance trends over time.
The data shows that public pensions are continuing to see improvements in fiscal performance as 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).
2024 Public Retirement Systems Study: Trends in Fiscal, Operational, and Business Practices
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.
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.
2023 Public Retirement Systems Study: Trends in Fiscal, Operational, and Business Practices
Nearly 200 state and local government pension funds responded to the survey, which was conducted between September and December 2022. These funds represent more than 19.6 million active and retired members, with assets exceeding $3 trillion.
The study shows that public pension funds saw, on average, one-year returns of around 11.4 percent, down from 14 percent the year prior. Public pensions’ average funded level rose to 77.8 percent from 74.7 percent the year before. Investment returns continue to be the most significant source of revenue at 68 percent, followed by employer contributions (24 percent) and member contributions (nine percent).