California Public Employees Retirement System (CalPERS) vs Teacher Retirement System of Texas (TRS)
Side-by-side pension health comparison from DOL and public plan data
California Public Employees Retirement System (CalPERS) (C) and Teacher Retirement System of Texas (TRS) (B) are close on the LakeQuality rubric. Funding ratios sit at 67% and 78% 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
Teacher Retirement System of Texas (TRS) has a stronger Pension Health Score of 72/100 (B) compared to California Public Employees Retirement System (CalPERS) at 58/100 (C). Funding ratios differ by 10.8 percentage points (78.1% vs 67.3%). Teacher Retirement System of Texas (TRS) covers 1,730,000 participants.
| Metric | California Public Employees Retirement System (CalPERS) | Teacher Retirement System of Texas (TRS) |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 58/100 (C) | 72/100 (B)* |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 67.3% | 78.1%* |
| Total Assets | $473.0B | $193.0B |
| Total Liabilities | $703.0B | $247.0B* |
| Unfunded Liability | $230.0B | $54.0B* |
| Participants | 2,050,000 | 1,730,000 |
| 1-Year Investment Return | 5.8% | 6.1%* |
| Plan Type | public | public |
| PBGC Risk Level | moderate | moderate |
| Sponsor | State of California | State of Texas |
Teacher Retirement System of Texas (TRS) has a stronger Pension Health Score of 72/100 (B) compared to California Public Employees Retirement System (CalPERS) at 58/100 (C). Funding ratios differ by 10.8 percentage points (78.1% vs 67.3%). Teacher Retirement System of Texas (TRS) covers 1,730,000 participants.