Updated May 2026 · DOL Form 5500 + Public Plans Database
Underfunded (60-80%) Pension Plans
63 plans covering 14,916,868 participants.
63 plans report between 60% and 80% funding, covering 14,916,868 active and retired participants. Plans in this range have meaningful work to do to reach the 80% benchmark but are not in critical territory.
Funding-ratio buckets organize pension plans by how much of their projected benefit liabilities are currently covered by plan assets. The Underfunded (60-80%) bucket holds 63 plans in our dataset. Reading funding ratios requires context: a 100% funded ratio is the actuarial target but does not guarantee future solvency — it depends on whether the underlying actuarial assumptions (mortality, return rate, salary growth) match reality over the decades-long horizon a pension obligation spans.
On the LakeQuality pension-health rubric, funding ratio is the largest single factor (50% weight), alongside multi-year funding trend (30%) and PBGC risk level (20%). The composite grade combines all three.
What This Funding Band Means
Underfunded plans report between 60% and 80% funding — below the actuarial benchmark but above the critical threshold. These plans require sustained contribution discipline and favorable returns to recover; many do, but the path is multi-year and sensitive to discount-rate assumptions.
Plans in this underfunded (60-80%) band collectively report $973.2B in unfunded liability, distributed across the 63 plans listed below. Funding ratios on this page are taken directly from each plan's most recent valuation: DOL Form 5500 Schedule SB or MB for ERISA-covered plans, the Public Plans Database compilation for state and municipal systems.
For corporate single-employer plans in the at-risk range, the Pension Benefit Guaranty Corporation backstops benefits up to the statutory annual maximum, which varies by retirement age. Multiemployer plans have a separate PBGC insurance program with a much lower per-participant guarantee. Public plans have no federal insurance — accrued benefits are typically protected by state constitutional or statutory clauses and the sponsor's taxing authority.
Plans in This Range
| # | Plan Name | Type | State | Participants | Funding Ratio | Assets | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Minnesota Teachers Retirement Association (TRA) State of Minnesota | public | MN | 195,000 | 79.8% | $28.0B | B |
| 2 | Denver Employees Retirement Plan City of Denver | public | CO | 21,000 | 79.2% | $4.8B | B |
| 3 | Minnesota Public Employees Retirement Association (PERA) State of Minnesota | public | MN | 378,000 | 79.1% | $35.0B | B |
| 4 | Lockheed Martin Corporation Retirement Plan Lockheed Martin | corporate | MD | 84,564 | 78.8% | $17.4B | B |
| 5 | NYC Police Pension Fund New York City | public | NY | 60,000 | 78.3% | $49.0B | B |
| 6 | Contra Costa County Employees Retirement Association Contra Costa County | public | CA | 23,000 | 78.3% | $10.1B | B |
| 7 | Indiana Public Retirement System (INPRS) State of Indiana | public | IN | 425,000 | 78.2% | $37.0B | B |
| 8 | Teacher Retirement System of Texas (TRS) State of Texas | public | TX | 1,730,000 | 78.1% | $193.0B | B |
| 9 | West Virginia Public Employees Retirement System State of West Virginia | public | WV | 60,000 | 78.1% | $6.2B | B |
| 10 | Wyoming Retirement System (WRS) State of Wyoming | public | WY | 38,000 | 77.8% | $8.2B | B |
| 11 | Georgia Teachers Retirement System (TRS) State of Georgia | public | GA | 405,000 | 77.4% | $74.0B | B |
| 12 | Oregon Public Employees Retirement System (PERS) State of Oregon | public | OR | 375,000 | 77.3% | $84.0B | B |
| 13 | Minnesota State Retirement System (MSRS) State of Minnesota | public | MN | 112,000 | 77.3% | $14.5B | B |
| 14 | Georgia Employees Retirement System (ERS) State of Georgia | public | GA | 138,000 | 77.2% | $17.8B | B |
| 15 | General Motors Hourly-Rate Employees Pension Plan General Motors | corporate | MI | 11,395 | 77.1% | $739.0M | B |
| 16 | NYC Employees Retirement System (NYCERS) New York City | public | NY | 370,000 | 76.8% | $77.2B | B |
| 17 | Nevada Public Employees Retirement System (PERS) State of Nevada | public | NV | 218,000 | 76.2% | $50.2B | B |
| 18 | Orange County Employees Retirement System (OCERS) Orange County | public | CA | 46,000 | 76.2% | $20.4B | B |
| 19 | NYC Fire Department Pension Fund New York City | public | NY | 28,000 | 76.2% | $17.5B | B |
| 20 | Los Angeles City Employees Retirement System (LACERS) City of Los Angeles | public | CA | 49,000 | 75.8% | $20.1B | B |
| 21 | Los Angeles County Employees Retirement Association (LACERA) Los Angeles County | public | CA | 186,000 | 75.2% | $73.5B | B |
| 22 | Montana Public Employee Retirement Administration (MPERA) State of Montana | public | MT | 65,000 | 75.2% | $12.5B | B |
| 23 | Virginia Retirement System (VRS) State of Virginia | public | VA | 740,000 | 75.1% | $87.0B | B |
| 24 | Arkansas Public Employees Retirement System (APERS) State of Arkansas | public | AR | 98,000 | 74.8% | $9.5B | B |
| 25 | National Electrical Benefit Fund (NEBF) IBEW & NECA | multiemployer | DC | 18,619 | 74.3% | $1.5B | A |
| 26 | NYC Teachers Retirement System (TRS) New York City | public | NY | 225,000 | 74.2% | $92.0B | B |
| 27 | San Jose Federated City Employees Retirement System City of San Jose | public | CA | 12,000 | 74.2% | $4.2B | B |
| 28 | Ohio Police & Fire Pension Fund (OP&F) State of Ohio | public | OH | 56,000 | 73.8% | $17.4B | B |
| 29 | San Diego City Employees Retirement System (SDCERS) City of San Diego | public | CA | 20,500 | 73.3% | $10.2B | B |
| 30 | California State Teachers Retirement System (CalSTRS) State of California | public | CA | 985,000 | 72.9% | $318.0B | B |
| 31 | Arizona State Retirement System (ASRS) State of Arizona | public | AZ | 588,000 | 72.3% | $46.0B | B |
| 32 | Kansas Public Employees Retirement System (KPERS) State of Kansas | public | KS | 328,000 | 72.3% | $24.8B | B |
| 33 | Missouri State Employees Retirement System (MOSERS) State of Missouri | public | MO | 120,000 | 72.2% | $9.5B | B |
| 34 | Maryland State Retirement & Pension System State of Maryland | public | MD | 398,000 | 72.1% | $61.0B | B |
| 35 | Arkansas Teacher Retirement System (ATRS) State of Arkansas | public | AR | 112,000 | 71.9% | $18.5B | B |
| 36 | Detroit General Retirement System City of Detroit | public | MI | 20,000 | 71.8% | $2.0B | B |
| 37 | General Motors Salaried Pension Plan General Motors | corporate | MI | 3,061 | 71.5% | $468.2M | C |
| 38 | International Brotherhood of Boilermakers National Pension Trust Boilermakers Union | multiemployer | KS | 729 | 71.4% | $139.8M | B |
| 39 | Oklahoma Public Employees Retirement System (OPERS) State of Oklahoma | public | OK | 88,000 | 70.3% | $10.2B | B |
| 40 | Employees Retirement System of Texas (ERS) State of Texas | public | TX | 327,000 | 70.1% | $31.5B | B |
| 41 | Alabama Employees Retirement System (ERS) State of Alabama | public | AL | 132,000 | 69.8% | $15.5B | B |
| 42 | West Virginia Teachers Retirement System State of West Virginia | public | WV | 45,000 | 68.3% | $5.8B | B |
| 43 | North Dakota Public Employees Retirement System (NDPERS) State of North Dakota | public | ND | 44,000 | 68.3% | $4.2B | B |
| 44 | Alabama Teachers Retirement System (TRS) State of Alabama | public | AL | 178,000 | 68.2% | $27.5B | B |
| 45 | Phoenix Employees Retirement System City of Phoenix | public | AZ | 18,000 | 68.1% | $3.2B | B |
| 46 | School Employees Retirement System of Ohio (SERS) State of Ohio | public | OH | 218,000 | 67.9% | $16.2B | B |
| 47 | New Mexico Public Employees Retirement Association (PERA) State of New Mexico | public | NM | 108,000 | 67.9% | $16.2B | B |
| 48 | Vermont State Employees Retirement System State of Vermont | public | VT | 22,000 | 67.9% | $2.4B | B |
| 49 | Oklahoma Teachers Retirement System State of Oklahoma | public | OK | 162,000 | 67.8% | $18.2B | B |
| 50 | Alaska Public Employees Retirement System (PERS) State of Alaska | public | AK | 38,000 | 67.8% | $7.2B | B |
| 51 | California Public Employees Retirement System (CalPERS) State of California | public | CA | 2,050,000 | 67.3% | $473.0B | C |
| 52 | Teachers Retirement System of Louisiana (TRSL) State of Louisiana | public | LA | 172,000 | 66.1% | $21.5B | C |
| 53 | New Hampshire Retirement System (NHRS) State of New Hampshire | public | NH | 72,000 | 65.1% | $9.8B | C |
| 54 | Massachusetts State Employees Retirement System State of Massachusetts | public | MA | 98,000 | 64.9% | $9.5B | C |
| 55 | Colorado Public Employees Retirement Association (PERA) State of Colorado | public | CO | 625,000 | 64.8% | $58.0B | C |
| 56 | Plumbers & Pipefitters National Pension Fund United Association (UA) | multiemployer | DC | 430,000 | 64.1% | $21.0B | C |
| 57 | New Mexico Educational Retirement Board (ERB) State of New Mexico | public | NM | 92,000 | 64.1% | $14.5B | C |
| 58 | Pennsylvania State Employees Retirement System (SERS) State of Pennsylvania | public | PA | 245,000 | 63.1% | $36.2B | C |
| 59 | Louisiana State Employees Retirement System (LASERS) State of Louisiana | public | LA | 108,000 | 62.2% | $11.2B | C |
| 60 | Alaska Teachers Retirement System (TRS) State of Alaska | public | AK | 27,000 | 62.2% | $5.1B | C |
| 61 | Michigan State Employees Retirement System State of Michigan | public | MI | 88,000 | 61.8% | $12.2B | C |
| 62 | Michigan Public School Employees Retirement System (MPSERS) State of Michigan | public | MI | 465,000 | 60.4% | $54.0B | C |
| 63 | Mississippi Public Employees Retirement System (PERS) State of Mississippi | public | MS | 322,000 | 60.1% | $29.0B | C |
How Funding Ratios Are Calculated
A pension plan's funding ratio is the value of plan assets divided by the present value of accrued benefit obligations, computed at the plan's assumed discount rate. Corporate plans typically use lower discount rates required under ASC 715; public plans typically use 6.5%–7.5% under GASB. Most plans smooth investment gains and losses over five years, which means a single bad market year takes years to fully phase into the reported ratio. The Pension Health Score on this page combines funding ratio (50%), 3-year funding trend (30%), and PBGC risk level (20%) into a 0–100 composite. Read the full methodology.
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Frequently Asked Questions
What does "Underfunded (60-80%)" mean?
A underfunded (60-80%) pension plan has a funding ratio between 60% and 80%. The funding ratio compares plan assets to the present value of accrued benefit obligations at the plan's assumed discount rate. Underfunded plans report between 60% and 80% funding — below the actuarial benchmark but above the critical threshold. These plans require sustained contribution discipline and favorable returns to recover; many do, but the path is multi-year and sensitive to discount-rate assumptions.
What is a healthy funding ratio?
Actuaries broadly treat plans above 80% funded as in acceptable condition for an ongoing operation, and plans above 100% as fully funded on a smoothed-asset basis. Plans below 60% are widely considered critically underfunded. The thresholds are not regulatory bright lines for public plans; for corporate single-employer plans, ERISA Section 430(i) imposes additional restrictions on plans below 80% (and stricter still below 70%) under the at-risk designation.
Where do these funding ratios come from?
For ERISA-covered private and multiemployer plans, funding ratios come from DOL EBSA Form 5500 Schedule SB and Schedule MB filings — the actuarial valuation each plan files annually with the Department of Labor. For state and municipal public plans, ratios come from the Boston College Center for Retirement Research Public Plans Database, which compiles each system's annual valuation from its ACFR. None of the figures here are estimates or projections.
Does a low funding ratio mean my benefits are at risk?
It depends on the plan type and your specific plan's status. Corporate single-employer plan benefits are insured by PBGC up to the statutory annual maximum; if a plan terminates underfunded, PBGC pays guaranteed amounts up to that cap. Multiemployer plans have a separate PBGC program with a much lower per-participant guarantee. Public plans rely on state constitutional or statutory clauses and the sponsor's taxing authority. None of this is investment advice — for plan-specific concerns, review your most recent Annual Funding Notice and consult a fiduciary advisor.
How current is this data?
Funding ratios refresh each time DOL EBSA publishes new Form 5500 filings (about a 9–12 month lag after plan year-end) and as the Public Plans Database releases its annual update. The current dataset reflects valuations available as of May 2026.
63 plans report between 60% and 80% funding, covering 14,916,868 active and retired participants. Plans in this range have meaningful work to do to reach the 80% benchmark but are not in critical territory.