Providence ERS Basics

  • Established 1923
  • Currently open to new hires
  • Plan covers local employees
  • Plan members not covered by Social Security
  • Single employer

Assets, Participants, and Benefits

Assets at Year-End, Providence ERS, 2002-2019

Fiscal Year Net Assets (billions)
2002 0.30
2003 0.28
2004 0.33
2005 0.34
2006 0.36
2007 0.41
2008 0.36
2009 0.30
2010 0.32
2011 0.36
2012 0.33
2013 0.34
2014 0.36
2015 0.35
2016 0.33
2017 0.35
2018 0.36
2019 0.37

Source: Public Plans Database

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Number of Actives per Annuitant, 2002-2019

Fiscal Year Providence ERS US State and Local Pensions
2002 1.1 2.2
2003 1.1 2.2
2004 1.0 2.2
2005 1.0 2.1
2006 1.1 2.0
2007 1.1 2.0
2008 1.0 1.9
2009 1.0 1.8
2010 1.0 1.8
2011 1.0 1.7
2012 null 1.6
2013 1.0 1.5
2014 1.0 1.5
2015 1.0 1.4
2016 0.9 1.4
2017 0.9 1.5
2018 0.9 1.5
2019 0.9 1.5

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Providence ERS, 2002-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2002 23.8 13.3 10.1 37.1
2003 29.3 7.2 10.4 36.5
2004 34.5 5.6 11.1 40.1
2005 38.3 3.3 12.1 41.5
2006 39.2 1.5 12.3 40.7
2007 38.2 0.0 11.6 38.1
2008 40.7 0.0 10.1 40.7
2009 35.7 0.1 11.5 35.8
2010 35.8 0.9 12.8 36.6
2011 41.6 0.0 13.6 41.6
2012 36.7 7.9 14.4 44.7
2013 43.1 0.0 16.7 43.1
2014 45.2 0.0 16.5 44.8
2015 47.5 0.0 17.0 47.5
2016 51.1 0.0 17.0 51.1
2017 51.4 0.0 14.3 51.4
2018 52.1 0.0 14.7 51.0
2019 53.6 0.0 14.8 51.9

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Providence ERS, 2002-2019

Fiscal Year Providence ERS National Data
2002 39.3 85.4
2003 37.2 83.7
2004 36.3 84.1
2005 37.9 83.5
2006 37.4 86.8
2007 39.5 89.5
2008 38.6 77.0
2009 33.5 73.3
2010 34.1 75.5
2011 31.9 73.4
2012 33.6 74.9
2013 31.4 75.4
2014 29.0 77.4
2015 27.1 79.1
2016 26.2 76.5
2017 26.3 77.6
2018 26.7 75.6
2019 26.7 75.8

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

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Investments

Asset Allocation for Providence ERS, 2019

Category Percent
Equities 60.9
Fixed Income 24.6
Private Equity 0.0
Real Estate 0.0
Cash 3.9
Other 0.0
Commodities 0.0
Hedge Fund 0.0
Misc. Alternatives 2.4

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.0
Fixed Income 22.8
Private Equity 9.2
Real Estate 8.8
Cash 1.9
Other 0.0
Commodities 1.9
Hedge Fund 7.0
Misc. Alternatives 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Providence ERS, 2006-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2006 90.1 6.6 0.0 0.0 3.3 0.0 0.0 0.0 0.0
2007 87.0 8.7 0.0 0.0 4.3 0.0 0.0 0.0 0.0
2008 83.1 11.7 0.0 0.0 5.2 0.0 0.0 0.0 0.0
2009 77.4 21.6 0.0 0.0 1.0 0.0 0.0 0.0 0.0
2010 84.0 14.4 0.0 0.0 1.6 0.0 0.0 0.0 0.0
2011 97.2 1.9 0.0 0.0 0.9 0.0 0.0 0.0 0.0
2012 81.9 15.9 0.0 0.0 2.2 0.0 0.0 0.0 0.0
2013 78.0 20.7 0.0 0.0 1.4 0.0 0.0 0.0 0.0
2014 81.3 17.8 0.0 0.0 0.9 0.0 0.0 0.0 0.0
2015 80.3 18.8 0.0 0.0 0.8 0.0 0.0 0.0 0.0
2016 69.3 20.1 0.0 0.0 6.8 0.0 0.0 0.0 3.8
2017 69.7 22.9 0.0 0.0 4.2 0.0 0.0 0.0 3.1
2018 66.3 22.3 0.0 0.0 8.4 0.0 0.0 0.0 3.0
2019 60.9 24.6 0.0 0.0 3.9 0.0 0.0 0.0 2.4

Source: Public Plans Database

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Annual Return as of June 30 for Providence ERS, 2002-2019

Fiscal Year Providence ERS Assumed return
2002 -2.90 8.50
2003 1.90 8.50
2004 23.50 8.50
2005 8.30 8.50
2006 12.00 8.50
2007 18.90 8.50
2008 -10.50 8.50
2009 -15.40 8.50
2010 13.60 8.50
2011 26.40 8.25
2012 0.20 8.25
2013 13.40 8.25
2014 17.50 8.25
2015 5.56 8.00
2016 2.60 8.00
2017 12.20 8.00
2018 7.30 8.00
2019 4.50 8.00

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Providence ERS
2002-2019

Fiscal Year Cash Flow Assets
2002 -18.2 296.4
2003 -14.3 284.1
2004 -13.0 325.2
2005 -13.1 336.5
2006 -7.6 363.3
2007 -12.6 410.8
2008 -20.5 358.8
2009 -13.9 303.0
2010 -22.4 316.1
2011 -22.3 362.6
2012 -41.9 326.5
2013 -27.9 335.8
2014 -25.1 357.7
2015 -22.5 351.1
2016 -25.6 333.3
2017 -19.6 348.6
2018 -13.7 359.0
2019 -7.0 367.3

Source: Public Plans Database

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Cash Flow as a Percentage of Assets
Providence ERS
2002-2019

Fiscal Year Providence ERS National Average
2002 -6.1 -1.0
2003 -5.0 -0.9
2004 -4.0 -0.5
2005 -3.9 -0.5
2006 -2.1 -0.6
2007 -3.1 -0.6
2008 -5.7 -0.8
2009 -4.6 -1.4
2010 -7.1 -1.3
2011 -6.1 -1.6
2012 -12.8 -1.6
2013 -8.3 -2.0
2014 -7.0 -1.8
2015 -6.4 -0.5
2016 -7.7 -2.4
2017 -5.6 -2.3
2018 -3.8 -2.6
2019 -1.9 -2.6

Source: Public Plans Database

National data averages are weighted by plan size.

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2018 Financial Reports