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Public Retirement Systems Study — 2026

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Total Responses

446

Across 49 states

Assets Represented

$5.84T

Aggregate net assets

Members Represented

28.6M

Active + retired

Avg Funded Ratio

80.2%

+1.3 pts YoY

Avg 1-Yr Return

11.2%

Median 10.8%

Full ADC Received

71%

of reporting plans

Response Year

Fiscal Year-End

Asset Size

Member Size

Employee Type

SS / Medicare

Funded ratios continue recovery

Average funded ratio rose to 80.2%, a 7-year high, led by strong public equity returns.

Investment returns moderated

Median 1-year return of 10.8% trailed 2024, but 10-yr returns remain near assumed rates.

Cybersecurity is the #1 priority

62% of plans ranked cybersecurity as a top-3 priority for the next 12 months.

Funded Ratio Trend

Industry average, 2019–2025

Investment Returns Summary

Median annualized returns

Asset Allocation Summary

Average share by asset class

Leadership Priorities & AI Use