Updated May 2026 · DOL Form 5500 + Public Plans Database
Grade A Pension Plans, Healthiest
56 plans rated Grade A. These plans are in excellent shape with funding ratios at or above 90% and improving or stable trends.
Grade A (Healthiest, score band 80–100/100) — 56 pension plans currently sit in this tier. These plans are in excellent shape with funding ratios at or above 90% and improving or stable trends.
Grade A on the LakeQuality pension-health rubric represents plans at or above the funded-status target with stable multi-year trajectories and low PBGC risk. 56 plans hold the grade.
The LakeQuality pension-health rubric weights funding ratio (50%), multi-year funding trend (30%), and PBGC risk classification (20%) into a single 0-100 composite. The letter grade summarizes the composite. For participants, the grade is a triage signal — useful for identifying which plans warrant deeper review. The plan-specific page surfaces the underlying funding-history, contribution-vs-benefit-payment cash flow, and PBGC status that drive the composite.
What Grade A Means in Practice
Grade A plans sit in the healthiest tier of the Pension Health Score. They typically combine funding ratios at or above 90%, stable or improving 3-year trends, and low PBGC risk classifications. The score does not certify a plan as permanently safe — funding ratios shift each valuation cycle — but it is the strongest single signal that the sponsor has met its actuarial commitments and that participants are positioned with material protection against discount-rate or asset-return shocks.
Across the listed Grade A plans, the average funding ratio is 100.6% and aggregate unfunded liability totals $179.1B. The Pension Health Score combines three signals: funding ratio from DOL Form 5500 Schedule SB or MB for ERISA plans and the Public Plans Database for state and municipal systems (50% of the composite), 3-year funding trend measuring the change in funding ratio across recent valuations (30%), and PBGC risk level from PBGC publications (20%, set to low for public plans not subject to PBGC).
A grade is not a recommendation. Participants concerned about a specific plan should review their most recent Annual Funding Notice (mailed under ERISA Section 101(f)) and consult a fee-only fiduciary advisor for plan-specific decisions. PensionRisk does not provide investment advice and does not predict pension failures.
Plans Currently Rated Grade A
| # | Plan Name | Type | State | Participants | Funding Ratio | Unfunded Gap | Score |
|---|---|---|---|---|---|---|---|
| 1 | New York State & Local Retirement System (NYSLRS) State of New York | public | NY | 1,070,000 | 95.3% | $12.2B | 82 |
| 2 | North Carolina Retirement Systems State of North Carolina | public | NC | 960,000 | 87.1% | $16.6B | 82 |
| 3 | Ohio Public Employees Retirement System (OPERS) State of Ohio | public | OH | 762,000 | 82.5% | $22.3B | 80 |
| 4 | Wisconsin Retirement System (WRS) State of Wisconsin | public | WI | 665,000 | 98.4% | $2.0B | 86 |
| 5 | Central States, Southeast & Southwest Areas Pension Fund Teamsters Central States | multiemployer | IL | 634,861 | 94.1% | $3.5B | 97 |
| 6 | Western Conference of Teamsters Pension Trust Teamsters Western Conference | multiemployer | WA | 634,861 | 94.1% | $3.5B | 97 |
| 7 | Teamsters Local 710 Pension Fund Teamsters Local 710 | multiemployer | IL | 634,861 | 94.1% | $3.5B | 97 |
| 8 | Washington State Department of Retirement Systems State of Washington | public | WA | 528,000 | 87.8% | $15.0B | 82 |
| 9 | State Teachers Retirement System of Ohio (STRS Ohio) State of Ohio | public | OH | 507,000 | 80.2% | $22.2B | 80 |
| 10 | Illinois Municipal Retirement Fund (IMRF) State of Illinois | public | IL | 438,000 | 81.2% | $11.9B | 80 |
| 11 | New York State Teachers Retirement System (NYSTRS) State of New York | public | NY | 433,000 | 97.1% | $3.9B | 82 |
| 12 | Texas County & District Retirement System (TCDRS) Texas Counties | public | TX | 385,000 | 86.2% | $6.3B | 81 |
| 13 | Tennessee Consolidated Retirement System (TCRS) State of Tennessee | public | TN | 378,000 | 92.1% | $4.9B | 83 |
| 14 | Iowa Public Employees Retirement System (IPERS) State of Iowa | public | IA | 372,000 | 84.8% | $6.4B | 80 |
| 15 | UFCW International Union Industry Pension Fund UFCW International | multiemployer | DC | 365,494 | 85.9% | $848.9M | 93 |
| 16 | Raytheon Company Pension Plan for Salaried Employees RTX Corporation | corporate | VA | 288,395 | 106.1% | $0 | 100 |
| 17 | AT&T Pension Benefit Plan AT&T Inc. | corporate | TX | 286,355 | 93.7% | $2.0B | 97 |
| 18 | UPS Retirement Plan United Parcel Service | corporate | GA | 243,932 | 90.7% | $993.0M | 95 |
| 19 | Operating Engineers Local 324 Pension Fund IUOE Local 324 | multiemployer | MI | 230,039 | 105.1% | $0 | 100 |
| 20 | FedEx Corporation Employees Pension Plan FedEx Corporation | corporate | TN | 223,371 | 101.3% | $0 | 100 |
| 21 | Missouri Public School Retirement System (PSRS) State of Missouri | public | MO | 220,000 | 83.8% | $9.1B | 80 |
| 22 | Texas Municipal Retirement System (TMRS) Texas Cities | public | TX | 218,000 | 87.8% | $5.1B | 82 |
| 23 | Utah Retirement Systems (URS) State of Utah | public | UT | 218,000 | 90.3% | $4.3B | 84 |
| 24 | Sheet Metal Workers National Pension Fund Sheet Metal Workers International Association | multiemployer | VA | 148,965 | 82.6% | $1.6B | 91 |
| 25 | Idaho Public Employee Retirement System (PERSI) State of Idaho | public | ID | 142,000 | 88.2% | $2.8B | 82 |
| 26 | Ford Motor Company Retirement Plan Ford Motor Company | corporate | MI | 141,948 | 105.3% | $0 | 100 |
| 27 | IBM Personal Pension Plan IBM Corporation | corporate | NY | 140,566 | 131.0% | $0 | 100 |
| 28 | General Electric Pension Plan GE Aerospace (formerly General Electric) | corporate | CT | 121,730 | 91.0% | $2.0B | 95 |
| 29 | Boeing Company Employee Retirement Plan Boeing Company | corporate | VA | 118,601 | 92.0% | $2.2B | 96 |
| 30 | Verizon Management Pension Plan Verizon Communications | corporate | NJ | 112,363 | 95.6% | $505.7M | 98 |
| 31 | Nebraska Public Employees Retirement Systems State of Nebraska | public | NE | 110,000 | 87.9% | $2.1B | 82 |
| 32 | Northrop Grumman Pension Plan Northrop Grumman | corporate | VA | 106,531 | 106.2% | $0 | 100 |
| 33 | Honeywell International Pension Plan Honeywell International | corporate | NC | 96,300 | 132.2% | $0 | 100 |
| 34 | International Paper Company Retirement Plan International Paper | corporate | TN | 83,689 | 104.0% | $0 | 100 |
| 35 | Johnson & Johnson Pension Plan Johnson & Johnson | corporate | NJ | 83,076 | 124.0% | $0 | 100 |
| 36 | Deere & Company Pension Plan John Deere | corporate | IL | 83,076 | 124.0% | $0 | 100 |
| 37 | Delta Air Lines Pilot Pension Plan Delta Air Lines | corporate | GA | 82,801 | 100.0% | $180K | 100 |
| 38 | South Dakota Retirement System (SDRS) State of South Dakota | public | SD | 78,000 | 96.8% | $500.0M | 85 |
| 39 | San Francisco Employees Retirement System City and County of San Francisco | public | CA | 68,000 | 87.3% | $4.9B | 82 |
| 40 | ExxonMobil Pension Plan ExxonMobil | corporate | TX | 61,475 | 113.8% | $0 | 100 |
| 41 | 3M Company Pension Plan 3M Company | corporate | MN | 56,773 | 100.0% | $560K | 100 |
| 42 | Pfizer Inc. Retirement Annuity Plan Pfizer Inc. | corporate | NY | 56,716 | 108.8% | $0 | 100 |
| 43 | Textron Inc. Pension Plan Textron Inc. | corporate | RI | 51,703 | 128.2% | $0 | 100 |
| 44 | Laborers National (Industrial) Pension Fund LIUNA | multiemployer | DC | 44,923 | 98.6% | $71.8M | 99 |
| 45 | Caterpillar Inc. Retirement Income Plan Caterpillar Inc. | corporate | TX | 39,566 | 106.2% | $0 | 100 |
| 46 | General Dynamics Corporation Pension Plan General Dynamics | corporate | VA | 35,602 | 86.4% | $470.9M | 83 |
| 47 | Dow Chemical Company Employees Pension Plan Dow Inc. | corporate | MI | 32,746 | 93.6% | $158.0M | 97 |
| 48 | Kraft Heinz Company Pension Plan Kraft Heinz Company | corporate | IL | 29,036 | 116.7% | $0 | 100 |
| 49 | Los Angeles Fire & Police Pensions (LAFPP) City of Los Angeles | public | CA | 27,500 | 89.5% | $3.7B | 84 |
| 50 | US Steel Corporation Plan for Employee Pension Benefits United States Steel | corporate | PA | 24,055 | 104.1% | $0 | 100 |
| 51 | SEIU National Industry Pension Fund Service Employees International Union | multiemployer | DC | 21,789 | 97.7% | $6.4M | 99 |
| 52 | National Electrical Benefit Fund (NEBF) IBEW & NECA | multiemployer | DC | 18,619 | 74.3% | $523.2M | 80 |
| 53 | Procter & Gamble Retirement Plan Procter & Gamble | corporate | OH | 10,929 | 99.4% | $7.6M | 100 |
| 54 | Houston Firefighters Relief & Retirement Fund City of Houston | public | TX | 7,200 | 82.3% | $1.0B | 83 |
| 55 | Alcoa Corporation Retirement Plan Alcoa Corporation | corporate | PA | 4,115 | 119.7% | $0 | 100 |
| 56 | DuPont Pension & Retirement Plan DuPont de Nemours | corporate | DE | 355 | 267.1% | $0 | 100 |
How Grades Are Calculated
The Pension Health Score is a 0–100 composite that maps to letter grades: A (80+), B (65–79), C (50–64), D (35–49), F (below 35). Funding ratio at 100% scores 100; at 50% scores 0; with linear interpolation in between. Trend is scored from −10 percentage points (score 0) to +10 percentage points (score 100). PBGC risk is scored 100 (low), 65 (moderate), 30 (high), 0 (critical). The three factors are weighted 50/30/20 to produce the composite. Read the full methodology.
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Frequently Asked Questions
What does a Grade A pension plan mean?
A Grade A pension plan is well-funded with strong trends and low risk (Pension Health Score band 80–100/100). The grade combines three factors: funding ratio (50% of the composite), 3-year funding trend (30%), and PBGC risk level (20%). Grade A plans sit in the healthiest tier of the Pension Health Score. They typically combine funding ratios at or above 90%, stable or improving 3-year trends, and low PBGC risk classifications. The score does not certify a plan as permanently safe — funding ratios shift each valuation cycle — but it is the strongest single signal that the sponsor has met its actuarial commitments and that participants are positioned with material protection against discount-rate or asset-return shocks.
How many pension plans are rated Grade A?
PensionRisk currently tracks 56 pension plans at Grade A. The top 56 are listed below by participant count and funding context, covering 12,936,917 active and retired participants in aggregate.
Should I be worried about a Grade A pension?
These plans are in excellent shape with funding ratios at or above 90% and improving or stable trends.
What is the average funding ratio of Grade A plans?
Across the listed Grade A plans, the average funding ratio is 100.6%. Aggregate unfunded liability totals $179.1B across plans below 100% funded. None of these figures are projections — they are the values plan sponsors filed with regulators.
Where does the grading data come from?
Funding ratios come from DOL EBSA Form 5500 Schedule SB or MB for ERISA-covered plans, the Boston College Center for Retirement Research Public Plans Database for state and municipal systems, and PBGC publications for at-risk and Critical-status designations. The current dataset reflects filings available as of May 2026. PensionRisk is a data and education site — none of the content here is investment advice.
Grade A (Healthiest, score band 80–100/100) — 56 pension plans currently sit in this tier. These plans are in excellent shape with funding ratios at or above 90% and improving or stable trends.