Underfunded (60–80%) Pension Plans
73 plans covering 16,797,000 participants.
| # | Plan Name | Type | State | Participants | Funding Ratio | Assets | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Verizon Management Pension Plan Verizon Communications | corporate | NJ | 225,000 | 79.8% | $26.0B | B |
| 2 | Lockheed Martin Corporation Retirement Plan Lockheed Martin | corporate | MD | 198,000 | 79.8% | $39.0B | B |
| 3 | Minnesota Teachers Retirement Association (TRA) State of Minnesota | public | MN | 195,000 | 79.8% | $28.0B | B |
| 4 | 3M Company Pension Plan 3M Company | corporate | MN | 88,000 | 79.8% | $13.5B | B |
| 5 | Denver Employees Retirement Plan City of Denver | public | CO | 21,000 | 79.2% | $4.8B | B |
| 6 | Minnesota Public Employees Retirement Association (PERA) State of Minnesota | public | MN | 378,000 | 79.1% | $35.0B | B |
| 7 | NYC Police Pension Fund New York City | public | NY | 60,000 | 78.3% | $49.0B | B |
| 8 | International Paper Company Retirement Plan International Paper | corporate | TN | 56,000 | 78.3% | $10.0B | B |
| 9 | Contra Costa County Employees Retirement Association Contra Costa County | public | CA | 23,000 | 78.3% | $10.1B | B |
| 10 | Indiana Public Retirement System (INPRS) State of Indiana | public | IN | 425,000 | 78.2% | $37.0B | B |
| 11 | Dow Chemical Company Employees Pension Plan Dow Inc. | corporate | MI | 55,000 | 78.2% | $10.0B | B |
| 12 | Teacher Retirement System of Texas (TRS) State of Texas | public | TX | 1,730,000 | 78.1% | $193.0B | B |
| 13 | Boeing Company Employee Retirement Plan Boeing Company | corporate | VA | 228,000 | 78.1% | $56.0B | B |
| 14 | West Virginia Public Employees Retirement System State of West Virginia | public | WV | 60,000 | 78.1% | $6.2B | B |
| 15 | UPS Retirement Plan United Parcel Service | corporate | GA | 335,000 | 77.8% | $44.0B | B |
| 16 | Wyoming Retirement System (WRS) State of Wyoming | public | WY | 38,000 | 77.8% | $8.2B | B |
| 17 | Georgia Teachers Retirement System (TRS) State of Georgia | public | GA | 405,000 | 77.4% | $74.0B | B |
| 18 | Oregon Public Employees Retirement System (PERS) State of Oregon | public | OR | 375,000 | 77.3% | $84.0B | B |
| 19 | Minnesota State Retirement System (MSRS) State of Minnesota | public | MN | 112,000 | 77.3% | $14.5B | B |
| 20 | Georgia Employees Retirement System (ERS) State of Georgia | public | GA | 138,000 | 77.2% | $17.8B | B |
| 21 | NYC Employees Retirement System (NYCERS) New York City | public | NY | 370,000 | 76.8% | $77.2B | B |
| 22 | General Electric Pension Plan GE Aerospace (formerly General Electric) | corporate | CT | 318,000 | 76.2% | $38.5B | B |
| 23 | Nevada Public Employees Retirement System (PERS) State of Nevada | public | NV | 218,000 | 76.2% | $50.2B | B |
| 24 | Caterpillar Inc. Retirement Income Plan Caterpillar Inc. | corporate | TX | 92,000 | 76.2% | $14.0B | B |
| 25 | Orange County Employees Retirement System (OCERS) Orange County | public | CA | 46,000 | 76.2% | $20.4B | B |
| 26 | NYC Fire Department Pension Fund New York City | public | NY | 28,000 | 76.2% | $17.5B | B |
| 27 | Los Angeles City Employees Retirement System (LACERS) City of Los Angeles | public | CA | 49,000 | 75.8% | $20.1B | B |
| 28 | Los Angeles County Employees Retirement Association (LACERA) Los Angeles County | public | CA | 186,000 | 75.2% | $73.5B | B |
| 29 | Montana Public Employee Retirement Administration (MPERA) State of Montana | public | MT | 65,000 | 75.2% | $12.5B | B |
| 30 | Virginia Retirement System (VRS) State of Virginia | public | VA | 740,000 | 75.1% | $87.0B | B |
| 31 | Arkansas Public Employees Retirement System (APERS) State of Arkansas | public | AR | 98,000 | 74.8% | $9.5B | B |
| 32 | NYC Teachers Retirement System (TRS) New York City | public | NY | 225,000 | 74.2% | $92.0B | B |
| 33 | FedEx Corporation Employees Pension Plan FedEx Corporation | corporate | TN | 218,000 | 74.2% | $24.0B | B |
| 34 | San Jose Federated City Employees Retirement System City of San Jose | public | CA | 12,000 | 74.2% | $4.2B | B |
| 35 | Ohio Police & Fire Pension Fund (OP&F) State of Ohio | public | OH | 56,000 | 73.8% | $17.4B | B |
| 36 | San Diego City Employees Retirement System (SDCERS) City of San Diego | public | CA | 20,500 | 73.3% | $10.2B | B |
| 37 | California State Teachers Retirement System (CalSTRS) State of California | public | CA | 985,000 | 72.9% | $318.0B | B |
| 38 | Arizona State Retirement System (ASRS) State of Arizona | public | AZ | 588,000 | 72.3% | $46.0B | B |
| 39 | Kansas Public Employees Retirement System (KPERS) State of Kansas | public | KS | 328,000 | 72.3% | $24.8B | B |
| 40 | Missouri State Employees Retirement System (MOSERS) State of Missouri | public | MO | 120,000 | 72.2% | $9.5B | B |
| 41 | Textron Inc. Pension Plan Textron Inc. | corporate | RI | 35,000 | 72.2% | $5.0B | B |
| 42 | Maryland State Retirement & Pension System State of Maryland | public | MD | 398,000 | 72.1% | $61.0B | B |
| 43 | Arkansas Teacher Retirement System (ATRS) State of Arkansas | public | AR | 112,000 | 71.9% | $18.5B | B |
| 44 | Detroit General Retirement System City of Detroit | public | MI | 20,000 | 71.8% | $2.0B | B |
| 45 | Oklahoma Public Employees Retirement System (OPERS) State of Oklahoma | public | OK | 88,000 | 70.3% | $10.2B | B |
| 46 | Kraft Heinz Company Pension Plan Kraft Heinz Company | corporate | IL | 55,000 | 70.2% | $4.0B | B |
| 47 | Employees Retirement System of Texas (ERS) State of Texas | public | TX | 327,000 | 70.1% | $31.5B | B |
| 48 | Alabama Employees Retirement System (ERS) State of Alabama | public | AL | 132,000 | 69.8% | $15.5B | B |
| 49 | West Virginia Teachers Retirement System State of West Virginia | public | WV | 45,000 | 68.3% | $5.8B | B |
| 50 | North Dakota Public Employees Retirement System (NDPERS) State of North Dakota | public | ND | 44,000 | 68.3% | $4.2B | B |
| 51 | Alabama Teachers Retirement System (TRS) State of Alabama | public | AL | 178,000 | 68.2% | $27.5B | B |
| 52 | Alcoa Corporation Retirement Plan Alcoa Corporation | corporate | PA | 45,000 | 68.2% | $4.8B | B |
| 53 | Operating Engineers Local 324 Pension Fund IUOE Local 324 | multiemployer | MI | 16,500 | 68.2% | $2.2B | B |
| 54 | Phoenix Employees Retirement System City of Phoenix | public | AZ | 18,000 | 68.1% | $3.2B | B |
| 55 | School Employees Retirement System of Ohio (SERS) State of Ohio | public | OH | 218,000 | 67.9% | $16.2B | B |
| 56 | New Mexico Public Employees Retirement Association (PERA) State of New Mexico | public | NM | 108,000 | 67.9% | $16.2B | B |
| 57 | Vermont State Employees Retirement System State of Vermont | public | VT | 22,000 | 67.9% | $2.4B | B |
| 58 | Oklahoma Teachers Retirement System State of Oklahoma | public | OK | 162,000 | 67.8% | $18.2B | B |
| 59 | Alaska Public Employees Retirement System (PERS) State of Alaska | public | AK | 38,000 | 67.8% | $7.2B | B |
| 60 | California Public Employees Retirement System (CalPERS) State of California | public | CA | 2,050,000 | 67.3% | $473.0B | C |
| 61 | Teachers Retirement System of Louisiana (TRSL) State of Louisiana | public | LA | 172,000 | 66.1% | $21.5B | C |
| 62 | New Hampshire Retirement System (NHRS) State of New Hampshire | public | NH | 72,000 | 65.1% | $9.8B | C |
| 63 | Massachusetts State Employees Retirement System State of Massachusetts | public | MA | 98,000 | 64.9% | $9.5B | C |
| 64 | Colorado Public Employees Retirement Association (PERA) State of Colorado | public | CO | 625,000 | 64.8% | $58.0B | C |
| 65 | Plumbers & Pipefitters National Pension Fund United Association (UA) | multiemployer | DC | 430,000 | 64.1% | $21.0B | C |
| 66 | New Mexico Educational Retirement Board (ERB) State of New Mexico | public | NM | 92,000 | 64.1% | $14.5B | C |
| 67 | Pennsylvania State Employees Retirement System (SERS) State of Pennsylvania | public | PA | 245,000 | 63.1% | $36.2B | C |
| 68 | Louisiana State Employees Retirement System (LASERS) State of Louisiana | public | LA | 108,000 | 62.2% | $11.2B | C |
| 69 | Alaska Teachers Retirement System (TRS) State of Alaska | public | AK | 27,000 | 62.2% | $5.1B | C |
| 70 | International Brotherhood of Boilermakers National Pension Trust Boilermakers Union | multiemployer | KS | 34,000 | 62.1% | $2.5B | C |
| 71 | Michigan State Employees Retirement System State of Michigan | public | MI | 88,000 | 61.8% | $12.2B | C |
| 72 | Michigan Public School Employees Retirement System (MPSERS) State of Michigan | public | MI | 465,000 | 60.4% | $54.0B | C |
| 73 | Mississippi Public Employees Retirement System (PERS) State of Mississippi | public | MS | 322,000 | 60.1% | $29.0B | C |
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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 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.