NASRA @PensionDialog
Facts, news, and trends about the largest U.S. public retirement plans from the National Association of State Retirement Administrators nasra.org U.S. Joined May 2011-
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Public retirement systems should embed enterprise-wide risk management in fiduciary governance; addressing cyber, operational, investment, funding, & business risks, to strengthen resiliency, protect assets, sustain services,& secure benefits. buff.ly/is7KCju #muniland
NASRA Res. '25-02 affirms import of pension measurements that are decision-useful, clearly explained, & based in legal, financial & actuarial realities of public plans; helping policymakers & stakeholders understand plan funding & long-term stewardship. buff.ly/utYLCrM
Strong public pension design rests on core elements: mandatory participation, shared costs, pooled, professionally managed investments, targeted income replacement, lifetime benefit payments, survivor & dis. protections+ supplemental savings. buff.ly/YYmJnxJ #muniland
States adjust retirement programs to reflect labor mkt & fiscal conditions. After the GFC, state & local govts made significant pension design & financing changes thru their own policymaking processes. NASRA continues to track these changes. buff.ly/Yq8yR8J #muniland
Long-term returns are the main driver of public pension funding. For periods ending 12/31/25, median public pension fund returns exceeded the 7.0% return assumption across 5-, 10-, 20-, & 30-yr periods, incl. 7.8% over 30 yrs & 8.7% over 10 yrs. buff.ly/dxEoWNT #muniland
State & local pension systems held an est. $6.7T in assets as of 12/31/25. Because investment earnings provide a majority of public pension revenue, long-term return assumptions matter & those assumptions on average are now 6.91%. buff.ly/BrBXTCv #muniland
Investments and lifetime income are core features that help public plans support workforce and retirement objectives. NASRA highlights these elements and why states focus on those features to strengthen retirement security. buff.ly/sqB8LwW #muniland
Public retirement plans now universally require employee contributions, and many adjust contributions and benefits as conditions change. NASRA highlights this shared responsibility in resources on shared financing and hybrid plan designs. buff.ly/EpsW3GL #muniland
Public pension funding rests on a basic principle: contributions & investment earnings must, over time, equal benefits & admin costs. Since public pensions build assets over 30 to 60 years, these funding assumptions are inherently long term. buff.ly/eBQnPzl #muniland
Most public pension funds maintain clear investment policies to guide how assets are invested. Written investment policies strengthen decision-making & reflect fiduciary care for public funds. Such policies support sound governance. buff.ly/vTvLAII #muniland
Updated March '26 report from @NatlGovs, @NCSLorg, @GovFinanceOffrs, NASRA, & peer organizations with a current look at fiscal conditions of states & localities, muni bonds & public pensions. Very worth a read for those following public finance. buff.ly/5XXFFNJ #muniland
Investment earnings and employee contributions fund the majority of public pension benefits, accounting for more than 70% of public pension financing over time. buff.ly/jLHsd7l #muniland
NASRA’s Fast Facts on State & Local Pension Systems has been updated as of 2/26. It’s a quick, easy-to-scan resource with key data & context on public pension systems. Take a look for a quick snapshot of the latest facts and figures. buff.ly/jLHsd7l #muniland
Employer & employee contributions prime the pump for public pensions & fuel long term inv. income. In '24, employers made 76% of contributions. Investment earnings+employee contributions cover ~70% of benefit costs, full employer contributions matter. buff.ly/qsl7cEk
Investment earnings generate 60% to 65% of public pension fund revenue;; driven largely by bonds & stocks. While market returns vary year to year, diversified portfolios help funds capture growth over time & support retirement benefits. buff.ly/TaFdcGf #muniland
State & local government employment diverged in the latest BLS data: Jan 2026 net -8,000 jobs. Over the past 12 months, state governments -71,000 while local governments +109,000. buff.ly/CTeqgFd #muniland
About 3 in 4 state & local public pension plans provide an automatic COLA (no action needed). Others use ad hoc COLAs (granted by legislatures/councils) or investment-based COLAs (triggered when returns exceed a benchmark). buff.ly/CPn0tdC #muniland
S&P Global Ratings: public pension funded ratios averaged 80%+ in FY25, up each year since FY22 (+~10 pts). With FY25 returns estimated approx. 11–12% & ~8.5% gains in the first half of FY2026, S&P expects the upward trend to continue into FY26. buff.ly/LhyGCOb #muniland
Federal Reserve data show state & local defined benefit plan assets totaled $6.68 trillion as of Sept. 30, 2025 (Q3), up 3.7% from $6.44 trillion the prior quarter and up $450 billion (+7.2%) year-over-year. buff.ly/M6Wrn3U #muniland
Over the past 30 years, a strong consensus has taken hold: public pensions should be funded on an actuarial basis & it’s showing up in results; many plans continue to receive 100% of their actuarially determined contribution. buff.ly/P3Oo9zJ #muniland
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