Critically Underfunded (<60%) Pension Plans
36 plans covering 5,606,300 participants.
| # | Plan Name | Type | State | Participants | Funding Ratio | Assets | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Hawaii Employees Retirement System (ERS) State of Hawaii | public | HI | 132,000 | 59.8% | $20.0B | C |
| 2 | Laborers National (Industrial) Pension Fund LIUNA | multiemployer | DC | 108,000 | 58.2% | $6.5B | C |
| 3 | Houston Municipal Employees Pension System City of Houston | public | TX | 28,000 | 58.2% | $4.5B | C |
| 4 | New Jersey Police & Firemen's Retirement System (PFRS) State of New Jersey | public | NJ | 88,000 | 58.1% | $30.0B | C |
| 5 | Rhode Island Employees Retirement System (ERSRI) State of Rhode Island | public | RI | 55,000 | 58.1% | $9.5B | C |
| 6 | Pennsylvania Public School Employees Retirement System (PSERS) State of Pennsylvania | public | PA | 518,000 | 57.8% | $72.0B | C |
| 7 | Sheet Metal Workers National Pension Fund Sheet Metal Workers International Association | multiemployer | VA | 165,000 | 57.8% | $9.8B | C |
| 8 | Kentucky Teachers Retirement System (KTRS) State of Kentucky | public | KY | 152,000 | 55.3% | $21.0B | C |
| 9 | Massachusetts Teachers Retirement System State of Massachusetts | public | MA | 102,000 | 55.2% | $23.0B | C |
| 10 | National Electrical Benefit Fund (NEBF) IBEW & NECA | multiemployer | DC | 595,000 | 55.1% | $14.0B | C |
| 11 | South Carolina Retirement System State of South Carolina | public | SC | 575,000 | 55.1% | $35.5B | C |
| 12 | US Steel Corporation Plan for Employee Pension Benefits United States Steel | corporate | PA | 66,000 | 55.1% | $5.2B | C |
| 13 | Vermont State Teachers Retirement System State of Vermont | public | VT | 27,000 | 54.8% | $2.2B | C |
| 14 | New Jersey Public Employees Retirement System (PERS) State of New Jersey | public | NJ | 425,000 | 52.3% | $34.0B | C |
| 15 | Connecticut Teachers Retirement Board State of Connecticut | public | CT | 92,000 | 52.3% | $20.5B | C |
| 16 | United Mine Workers of America 1974 Pension Plan UMWA | multiemployer | DC | 82,000 | 52.2% | $3.8B | C |
| 17 | Kentucky County Employees Retirement System (CERS) State of Kentucky | public | KY | 185,000 | 48.4% | $8.5B | C |
| 18 | SEIU National Industry Pension Fund Service Employees International Union | multiemployer | DC | 112,000 | 48.2% | $4.0B | D |
| 19 | Philadelphia Municipal Retirement System City of Philadelphia | public | PA | 63,000 | 48.2% | $5.8B | C |
| 20 | New Jersey Teachers Pension & Annuity Fund (TPAF) State of New Jersey | public | NJ | 268,000 | 48.1% | $28.5B | C |
| 21 | Dallas Police & Fire Pension System City of Dallas | public | TX | 11,200 | 45.1% | $2.4B | D |
| 22 | Illinois Teachers Retirement System (TRS) State of Illinois | public | IL | 424,000 | 44.7% | $62.8B | D |
| 23 | State Universities Retirement System of Illinois (SURS) State of Illinois | public | IL | 218,000 | 44.1% | $22.5B | D |
| 24 | Chicago Teachers Pension Fund City of Chicago | public | IL | 69,000 | 42.8% | $12.4B | D |
| 25 | UFCW International Union Industry Pension Fund UFCW International | multiemployer | DC | 46,000 | 42.1% | $2.0B | D |
| 26 | State Employees Retirement System of Illinois (SERS) State of Illinois | public | IL | 152,000 | 40.4% | $19.8B | D |
| 27 | Connecticut State Employees Retirement System (SERS) State of Connecticut | public | CT | 112,000 | 38.2% | $14.2B | D |
| 28 | Bakery & Confectionery Union Industry International Pension Fund BCTGM International Union | multiemployer | MD | 67,000 | 38.1% | $2.8B | D |
| 29 | Judges Retirement System of Illinois State of Illinois | public | IL | 3,100 | 35.2% | $980.0M | D |
| 30 | New York State Teamsters Conference Pension & Retirement Fund NY Teamsters Conference | multiemployer | NY | 27,000 | 34.8% | $1.8B | D |
| 31 | Teamsters Local 710 Pension Fund Teamsters Local 710 | multiemployer | IL | 13,500 | 30.1% | $650.0M | F |
| 32 | Chicago Municipal Employees Annuity & Benefit Fund City of Chicago | public | IL | 59,000 | 25.3% | $6.1B | F |
| 33 | Chicago Policemen's Annuity & Benefit Fund City of Chicago | public | IL | 31,000 | 23.3% | $4.8B | F |
| 34 | Central States, Southeast & Southwest Areas Pension Fund Teamsters Central States | multiemployer | IL | 380,000 | 22.0% | $9.5B | F |
| 35 | Kentucky Employees Retirement System (KERS) State of Kentucky | public | KY | 142,000 | 20.4% | $7.2B | F |
| 36 | Chicago Firefighters Annuity & Benefit Fund City of Chicago | public | IL | 13,500 | 19.5% | $1.9B | F |
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Frequently Asked Questions
What does "Critically Underfunded (<60%)" mean?
A critically underfunded (<60%) pension plan has a funding ratio below 60%. The funding ratio measures how much money the plan has relative to its obligations.
What is a healthy funding ratio?
Actuaries generally consider plans above 80% funded to be in acceptable condition. Plans above 100% have more assets than liabilities. Plans below 60% are considered critically underfunded.