California Public Employees Retirement System (CalPERS) vs Arizona State Retirement System (ASRS)
Side-by-side pension health comparison from DOL and public plan data
California Public Employees Retirement System (CalPERS) (C) and Arizona State Retirement System (ASRS) (B) are close on the LakeQuality rubric. Funding ratios sit at 67% and 72% 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 California Public Employees Retirement System (CalPERS) at 58/100 (C). Funding ratios differ by 5.0 percentage points (72.3% vs 67.3%). Arizona State Retirement System (ASRS) covers 588,000 participants.
| Metric | California Public Employees Retirement System (CalPERS) | Arizona State Retirement System (ASRS) |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 58/100 (C) | 68/100 (B)* |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 67.3% | 72.3%* |
| Total Assets | $473.0B | $46.0B |
| Total Liabilities | $703.0B | $63.6B* |
| Unfunded Liability | $230.0B | $17.6B* |
| Participants | 2,050,000 | 588,000 |
| 1-Year Investment Return | 5.8% | 5.8% |
| Plan Type | public | public |
| PBGC Risk Level | moderate | moderate |
| Sponsor | State of California | State of Arizona |
Arizona State Retirement System (ASRS) has a stronger Pension Health Score of 68/100 (B) compared to California Public Employees Retirement System (CalPERS) at 58/100 (C). Funding ratios differ by 5.0 percentage points (72.3% vs 67.3%). Arizona State Retirement System (ASRS) covers 588,000 participants.