Pretrained multilingual text encoders based on neural Transformer architectures, such as multilingual BERT (mBERT) and XLM, have achieved strong performance on a myriad of language understanding tasks. Consequently, they have been adopted as a go-to paradigm for multilingual and cross-lingual representation learning and transfer, rendering cross-lingual word embeddings (CLWEs) effectively obsolete. However, questions remain to which extent this finding generalizes 1) to unsupervised settings and 2) for ad-hoc cross-lingual IR (CLIR) tasks. Therefore, in this work we present a systematic empirical study focused on the suitability of the state-of-the-art multilingual encoders for cross-lingual document and sentence retrieval tasks across a large number of language pairs. In contrast to supervised language understanding, our results indicate that for unsupervised document-level CLIR -- a setup with no relevance judgments for IR-specific fine-tuning -- pretrained encoders fail to significantly outperform models based on CLWEs. For sentence-level CLIR, we demonstrate that state-of-the-art performance can be achieved. However, the peak performance is not met using the general-purpose multilingual text encoders "off-the-shelf", but rather relying on their variants that have been further specialized for sentence understanding tasks