Industry News

On December 3, 2025, the National Association of State Retirement Administrators (NASRA) released its Public Fund Survey Summary of Findings for FY 2024. The survey presents key data from 129 public pension plans, covering 13.6 million active members, and 11.1 million retirees and other annuitants. As of Fiscal Year (FY) 24, the systems in the Survey held a combined $5.13 trillion in assets, increasing 8.0% from FY 23. Notably, FY 24 marks the first year in which the aggregate value of assets for the systems in the survey exceeded $5.0 trillion. 

Overall, the retirement systems surveyed represent approximately 90% of state and local Defined Benefit (DB) plan membership and assets as of FY 2024. The Summary of Findings presents information regarding plan funding, membership, benefits, contribution rates, cash flows, and actuarial assumptions.  

According to the report:    

• The aggregate funding level was 76.7% in FY 2024, up from 75.7% in FY 2023. The predominant factor impacting higher funding levels in FY 2024 was attributable to relatively strong investment returns and for the five years ended in FY 2024. 
• Between FY 2023 and FY 2024, the aggregate actuarial value of assets increased 5.4% from $4.69 trillion to $4.94 trillion. The combined actuarial value of liabilities increased 4.1% from $6.19 trillion to $6.45 trillion. Many state and local plans smooth investment gains and losses into the actuarial value of assets over time (typically five years and sometimes longer). 
• Growth in pension liabilities remains at a median rate at or below 4.0% for the seventh consecutive year, as a result of various factors that vary by plan such as plan maturity, lower interest accruals due to reductions in assumed rates of investment returns; actual inflation below expectations; and the effects of many pension benefit reforms (mainly reductions) enacted in recent years.
• The average allocation of plan assets to public equities has declined steadily since the major decrease in global capital markets in 2008-2009. In FY 2024, the allocation to fixed income securities increased slightly to 21.1% and equities at about 44.4%. In recent years, allocations to real estate increased to 8.8% and allocations to alternative investments (such as private equity and hedge funds) were 24.3%.
• For most of the Public Fund Survey’s measurement period, the median investment return assumption used by public pension plans was 8.0%. However, in FY 2021 and through FY 2024, the median actuarial assumption for investment return was 7.0%. Notably, since 2009, many plans have reduced their investment return assumptions.
• The median growth in covered payroll remained elevated at nearly 7.0% for the second consecutive year. Beginning in FY 23, the increases were due to accelerating growth in state and local employment and wage growth in recent years.
• Since the inception of the survey, employer contribution rates have increased significantly mainly due to larger unfunded pension liabilities. For some plans, higher employer contribution rates are the result of a strengthened effort to pay a greater share of the actuarially determined contribution.    

The survey data is available for each individual retirement system and plan in Appendices A and B. The data includes: plan membership, plan assets and liabilities, and actuarial funding levels.    

​The summary is available here.