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, 2013, there were 5,590 total members and beneficiaries, of which 2,740 are active members of ERRS,  1,354 are superannuation retirees, 1,159 are inactive members, 14 are ordinary disability retirees, 114 are accidental disability retirees and 209 are beneficiaries and survivor benefit recipients.  As of January 1, 2013, ERRS' total actuarial value of assets was $314,565,925.  The total actuarial accrued liability for the retirement system was $619,339,080 and the unfunded actuarial accrued liability was $304,773,155.  ERRS has a funded ratio of 51% and its current funding schedule requires that the system be fully funded by 2035.  ERRS assumed rate of investment return is 8.00%. More