Norfolk Police Pension Fund
public plan · City of Norfolk · Richmond, VA
ACTIVE
D
Pension Health Score
45/100
Funding Status59% Funded
0%80% threshold100%
$1.1B
Total Assets
$1.9B
Total Liabilities
$752.7M
Unfunded Liability
2,776
Participants
Funding History
What This Means for You
Norfolk Police Pension Fund is significantly underfunded at 59%, with $752.7M in unfunded liabilities affecting 2,776 participants. Plans at this funding level face difficult choices: raising contributions substantially, reducing future benefit accruals, or in extreme cases, applying for benefit suspensions. Public plans cannot declare bankruptcy, but severe underfunding may lead to reduced cost-of-living adjustments or increased employee contributions. If you are a participant, it is important to understand your options and consider diversifying your retirement income sources.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $1.1B | $1.9B | 59.4% | $72.5M |
| 2024 | $1.1B | $1.9B | 57.5% | $70.9M |
| 2023 | $1.0B | $1.8B | 58.7% | $101.1M |
| 2022 | $974.0M | $1.5B | 66.4% | $97.6M |
| 2021 | $912.9M | $1.4B | 63.5% | $93.9M |