Florida Retirement System (FRS) vs California State Teachers Retirement System (CalSTRS)
Side-by-side pension health comparison from DOL and public plan data
Florida Retirement System (FRS) (B) and California State Teachers Retirement System (CalSTRS) (B) are close on the LakeQuality rubric. Funding ratios sit at 82% and 73% 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
Florida Retirement System (FRS) has a stronger Pension Health Score of 76/100 (B) compared to California State Teachers Retirement System (CalSTRS) at 73/100 (B). Funding ratios differ by 9.3 percentage points (82.2% vs 72.9%). Florida Retirement System (FRS) covers 1,065,000 participants.
| Metric | Florida Retirement System (FRS) | California State Teachers Retirement System (CalSTRS) |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 76/100 (B)* | 73/100 (B) |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 82.2%* | 72.9% |
| Total Assets | $190.0B | $318.0B |
| Total Liabilities | $231.1B* | $436.0B |
| Unfunded Liability | $41.1B* | $118.0B |
| Participants | 1,065,000 | 985,000 |
| 1-Year Investment Return | 6.5%* | 6.2% |
| Plan Type | public | public |
| PBGC Risk Level | low | moderate |
| Sponsor | State of Florida | State of California |
Florida Retirement System (FRS) has a stronger Pension Health Score of 76/100 (B) compared to California State Teachers Retirement System (CalSTRS) at 73/100 (B). Funding ratios differ by 9.3 percentage points (82.2% vs 72.9%). Florida Retirement System (FRS) covers 1,065,000 participants.