Florida Retirement System (FRS) vs Plumbers & Pipefitters National Pension Fund
Side-by-side pension health comparison from DOL and public plan data
Florida Retirement System (FRS) and Plumbers & Pipefitters National Pension Fund are meaningfully apart on the LakeQuality pension-health rubric: Florida Retirement System (FRS) grades B while Plumbers & Pipefitters National Pension Fund grades C. Funding ratios: 82% vs 64%.
Florida Retirement System (FRS) 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
Florida Retirement System (FRS) has a stronger Pension Health Score of 76/100 (B) compared to Plumbers & Pipefitters National Pension Fund at 56/100 (C). Funding ratios differ by 18.1 percentage points (82.2% vs 64.1%). Florida Retirement System (FRS) covers 1,065,000 participants.
| Metric | Florida Retirement System (FRS) | Plumbers & Pipefitters National Pension Fund |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 76/100 (B)* | 56/100 (C) |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 82.2%* | 64.1% |
| Total Assets | $190.0B | $21.0B |
| Total Liabilities | $231.1B | $32.8B* |
| Unfunded Liability | $41.1B | $11.8B* |
| Participants | 1,065,000 | 430,000 |
| 1-Year Investment Return | 6.5%* | 5.5% |
| Plan Type | public | multiemployer |
| PBGC Risk Level | low | high |
| Sponsor | State of Florida | United Association (UA) |
Florida Retirement System (FRS) has a stronger Pension Health Score of 76/100 (B) compared to Plumbers & Pipefitters National Pension Fund at 56/100 (C). Funding ratios differ by 18.1 percentage points (82.2% vs 64.1%). Florida Retirement System (FRS) covers 1,065,000 participants.