Florida Retirement System (FRS) vs Maryland State Retirement & Pension System
Side-by-side pension health comparison from DOL and public plan data
Florida Retirement System (FRS) (B) and Maryland State Retirement & Pension System (B) are close on the LakeQuality rubric. Funding ratios sit at 82% 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
Florida Retirement System (FRS) has a stronger Pension Health Score of 76/100 (B) compared to Maryland State Retirement & Pension System at 67/100 (B). Funding ratios differ by 10.1 percentage points (82.2% vs 72.1%). Florida Retirement System (FRS) covers 1,065,000 participants.
| Metric | Florida Retirement System (FRS) | Maryland State Retirement & Pension System |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 76/100 (B)* | 67/100 (B) |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 82.2%* | 72.1% |
| Total Assets | $190.0B | $61.0B |
| Total Liabilities | $231.1B | $84.6B* |
| Unfunded Liability | $41.1B | $23.6B* |
| Participants | 1,065,000 | 398,000 |
| 1-Year Investment Return | 6.5%* | 5.8% |
| Plan Type | public | public |
| PBGC Risk Level | low | moderate |
| Sponsor | State of Florida | State of Maryland |
Florida Retirement System (FRS) has a stronger Pension Health Score of 76/100 (B) compared to Maryland State Retirement & Pension System at 67/100 (B). Funding ratios differ by 10.1 percentage points (82.2% vs 72.1%). Florida Retirement System (FRS) covers 1,065,000 participants.