An annual report on city and county retirement systems estimated that the aggregate funded ratio of the 107 systems surveyed was 86.0% at the conclusion of fiscal year 2021, representing a 14.9% jump over the previous fiscal year. This is the highest year-over-year increase since Wilshire, a California-based global financial services firm, started the survey in 1990.

Wilshire's "2022 Report on City & Council Retirement Systems: Funding Levels and Asset Allocations" focuses on data collected as of June 30, 2021, to show trends during the previous fiscal year. The report showed that aggregate Total Pension Liability (TPL) increased to $850.7 billion in fiscal year 2021, an increase of 3.7% over the previous year. However, aggregate assets grew 25.4% to $731.9 billion.

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The large growth in assets prompted the aggregate shortfall of the systems to drop $118.1 billion from $236.9 billion to $118.9 billion. That meant fiscal year 2021 was the third straight year that estimated aggregate value set a new high mark.