Arizona State Retirement System (ASRS) vs New Jersey Teachers Pension & Annuity Fund (TPAF)
Side-by-side pension health comparison from DOL and public plan data
Arizona State Retirement System (ASRS) (B) and New Jersey Teachers Pension & Annuity Fund (TPAF) (C) are close on the LakeQuality rubric. Funding ratios sit at 72% and 48% respectively — within a few points of each other.
With grades this close, the comparison turns on plan-specific factors: status (active vs frozen), participant maturity, sponsor financial health, and multi-year trajectory rather than the headline composite.
Verdict
Arizona State Retirement System (ASRS) has a stronger Pension Health Score of 68/100 (B) compared to New Jersey Teachers Pension & Annuity Fund (TPAF) at 51/100 (C). Funding ratios differ by 24.2 percentage points (72.3% vs 48.1%). Arizona State Retirement System (ASRS) covers 588,000 participants.
| Metric | Arizona State Retirement System (ASRS) | New Jersey Teachers Pension & Annuity Fund (TPAF) |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 68/100 (B)* | 51/100 (C) |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 72.3%* | 48.1% |
| Total Assets | $46.0B | $28.5B |
| Total Liabilities | $63.6B | $59.3B* |
| Unfunded Liability | $17.6B* | $30.8B |
| Participants | 588,000 | 268,000 |
| 1-Year Investment Return | 5.8%* | 4.9% |
| Plan Type | public | public |
| PBGC Risk Level | moderate | high |
| Sponsor | State of Arizona | State of New Jersey |
Arizona State Retirement System (ASRS) has a stronger Pension Health Score of 68/100 (B) compared to New Jersey Teachers Pension & Annuity Fund (TPAF) at 51/100 (C). Funding ratios differ by 24.2 percentage points (72.3% vs 48.1%). Arizona State Retirement System (ASRS) covers 588,000 participants.