Florida Retirement System (FRS) vs Operating Engineers Local 324 Pension Fund
Side-by-side pension health comparison from DOL and public plan data
Florida Retirement System (FRS) and Operating Engineers Local 324 Pension Fund are meaningfully apart on the LakeQuality pension-health rubric: Florida Retirement System (FRS) grades B while Operating Engineers Local 324 Pension Fund grades A. Funding ratios: 82% vs 105%.
Operating Engineers Local 324 Pension Fund comes out ahead on the composite rubric. For a participant in either plan, the spread is informative but not directly actionable — pension participation is not portable, so the relevant question is what each plan's funded-status trajectory means for that participant's benefit security.
Verdict
Operating Engineers Local 324 Pension Fund has a stronger Pension Health Score of 100/100 (A) compared to Florida Retirement System (FRS) at 76/100 (B). Funding ratios differ by 22.9 percentage points (105.1% vs 82.2%). Operating Engineers Local 324 Pension Fund covers 230,039 participants.
| Metric | Florida Retirement System (FRS) | Operating Engineers Local 324 Pension Fund |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 76/100 (B) | 100/100 (A)* |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 82.2% | 105.1%* |
| Total Assets | $190.0B | $24.8B |
| Total Liabilities | $231.1B | $23.6B* |
| Unfunded Liability | $41.1B | $0* |
| Participants | 1,065,000 | 230,039 |
| 1-Year Investment Return | 6.5%* | 5.7% |
| Plan Type | public | multiemployer |
| PBGC Risk Level | low | low |
| Sponsor | State of Florida | IUOE Local 324 |
Operating Engineers Local 324 Pension Fund has a stronger Pension Health Score of 100/100 (A) compared to Florida Retirement System (FRS) at 76/100 (B). Funding ratios differ by 22.9 percentage points (105.1% vs 82.2%). Operating Engineers Local 324 Pension Fund covers 230,039 participants.