Public pensions a powerful economic force
U.S. systems have $5.5 trillion in assets, membership of nearly 27 million
By Michael Pramik, Ohio Public Employees Retirement System
April 10, 2025 – A pension industry database reports that defined benefit plans wield significant economic influence in the United States, boasting assets totaling $5.5 trillion.
Public Plans Data, a website housing comprehensive information on state and local pensions and retiree health plans, says there are more than 5,000 public-sector retirement plans in the country dating back to the 19th century. Their membership is substantial, with 12.2 million active workers and 15.3 million retirees. These retirees collectively receive about $393 billion annually in benefit distributions.
A collaboration between the Center for Retirement Research at Boston College and the MissionSquare Research Institute, the website garners support from the National Association of State Retirement Administrators. NASRA’s contributions include reviewing data models, validating data and overseeing the development and administration of surveys used to collect data, which covers fiscal years 2001 to 2023.
The Government Finance Officers Association also provides support in updating and enhancing the data.
Public Plans Data encompasses statistics from 230 state and local pension plans, representing more than 95% of U.S. state and local plan assets and members.
The database website offers “quick-fact” pages presenting data at national, state, retirement system and retirement plan levels. It has downloadable financial reports and actuarial valuations for all sample plans, alongside an advanced interactive data browser for tailored searches.
Exploring the site reveals that state and local public employees account for between 10% and 15% of the U.S. workforce, with about a fourth of them not covered by Social Security. This group comprises almost half of all teachers and more than two-thirds of firefighters and public safety officers.
We’ve periodically been questioned about the number of public workers across the country who contribute either to a public pension, or to Social Security, or to both. There’s a map on the site that provides percentages, by state, of Social Security coverage for state and local employees.
In 2023, membership in state-and-local pension plans, such as OPERS, numbered 35.9 million. That includes total membership of 31.8 million in state plans and 4.1 million in local plans. Active workers made up 15.3 million of that total, while beneficiaries accounted for 12.2 million, and the remainer, 8.3 million, being inactive, vested participants.
The site also provides information on pension plans by state, facilitating comparisons among different systems and against national averages. For instance, examining Ohio in the “Quick Facts” section reveals data about the state’s four largest statewide public pension plans, with OPERS boasting the highest funded ratio among the state plans, about 7 percentage points higher than the national average.
Michael Pramik
Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.