Teacher Retirement System of Texas (TRS) vs Plumbers & Pipefitters National Pension Fund
Side-by-side pension health comparison from DOL and public plan data
Teacher Retirement System of Texas (TRS) (B) and Plumbers & Pipefitters National Pension Fund (C) are close on the LakeQuality rubric. Funding ratios sit at 78% and 64% 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 Plumbers & Pipefitters National Pension Fund at 56/100 (C). Funding ratios differ by 14.0 percentage points (78.1% vs 64.1%). Teacher Retirement System of Texas (TRS) covers 1,730,000 participants.
| Metric | Teacher Retirement System of Texas (TRS) | Plumbers & Pipefitters National Pension Fund |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 72/100 (B)* | 56/100 (C) |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 78.1%* | 64.1% |
| Total Assets | $193.0B | $21.0B |
| Total Liabilities | $247.0B | $32.8B* |
| Unfunded Liability | $54.0B | $11.8B* |
| Participants | 1,730,000 | 430,000 |
| 1-Year Investment Return | 6.1%* | 5.5% |
| Plan Type | public | multiemployer |
| PBGC Risk Level | moderate | high |
| Sponsor | State of Texas | United Association (UA) |
Teacher Retirement System of Texas (TRS) has a stronger Pension Health Score of 72/100 (B) compared to Plumbers & Pipefitters National Pension Fund at 56/100 (C). Funding ratios differ by 14.0 percentage points (78.1% vs 64.1%). Teacher Retirement System of Texas (TRS) covers 1,730,000 participants.