The Essex Regional Retirement System (ERRS) administers the public pension system for 47 local entities, including 19 towns, five school districts, 17 housing authorities and six special districts throughout Essex County, Massachusetts.  As of December 31, 2020, there were 6,108 total members and beneficiaries, of which 2,939 are active members of ERRS, 1,194 are inactive members, 1,635 are superannuation retirees, 18 are ordinary disability retirees,103 are accidental disability retirees, and 219 are beneficiaries and survivor benefit recipients.  As of January 1, 2020, ERRS' total actuarial value of assets was $508,759,357.  The total actuarial accrued liability for the retirement system was $945,878,852 and the unfunded actuarial accrued liability was $437,119,495.  ERRS has a funded ratio of 53.79% and its current funding schedule requires that the system be fully funded by 2035.  ERRS assumed rate of investment return is 7.30%. More