Updated May 2026 · DOL Form 5500 + Public Plans Database
Grade C Pension Plans, Fair
29 plans rated Grade C. These plans are near the national average. Some may face challenges if investment returns disappoint or contribution discipline slips.
Grade C (Fair, score band 50–64/100) — 29 pension plans currently sit in this tier. These plans are near the national average. Some may face challenges if investment returns disappoint or contribution discipline slips.
Grade C is the median rubric bucket — funded ratios in the 70-85% range with mixed trajectory signals. 29 plans in the dataset hold this 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 C Means in Practice
Grade C plans are near the national average. Funding ratios typically run 70%–85%, trends are mixed, and PBGC risk classifications cluster around moderate. These plans require sustained contribution discipline and favorable returns to climb into the healthier tiers. They are not in critical territory, but a single bad market year or a contribution holiday could push them lower.
Across the listed Grade C plans, the average funding ratio is 59.0% and aggregate unfunded liability totals $658.0B. 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 C
| # | Plan Name | Type | State | Participants | Funding Ratio | Unfunded Gap | Score |
|---|---|---|---|---|---|---|---|
| 1 | California Public Employees Retirement System (CalPERS) State of California | public | CA | 2,050,000 | 67.3% | $230.0B | 58 |
| 2 | Colorado Public Employees Retirement Association (PERA) State of Colorado | public | CO | 625,000 | 64.8% | $31.5B | 61 |
| 3 | South Carolina Retirement System State of South Carolina | public | SC | 575,000 | 55.1% | $28.9B | 52 |
| 4 | Pennsylvania Public School Employees Retirement System (PSERS) State of Pennsylvania | public | PA | 518,000 | 57.8% | $52.6B | 54 |
| 5 | Michigan Public School Employees Retirement System (MPSERS) State of Michigan | public | MI | 465,000 | 60.4% | $35.4B | 56 |
| 6 | Plumbers & Pipefitters National Pension Fund United Association (UA) | multiemployer | DC | 430,000 | 64.1% | $11.8B | 56 |
| 7 | New Jersey Public Employees Retirement System (PERS) State of New Jersey | public | NJ | 425,000 | 52.3% | $31.0B | 54 |
| 8 | Mississippi Public Employees Retirement System (PERS) State of Mississippi | public | MS | 322,000 | 60.1% | $19.3B | 54 |
| 9 | New Jersey Teachers Pension & Annuity Fund (TPAF) State of New Jersey | public | NJ | 268,000 | 48.1% | $30.8B | 51 |
| 10 | Pennsylvania State Employees Retirement System (SERS) State of Pennsylvania | public | PA | 245,000 | 63.1% | $21.2B | 57 |
| 11 | Kentucky County Employees Retirement System (CERS) State of Kentucky | public | KY | 185,000 | 48.4% | $9.1B | 50 |
| 12 | Teachers Retirement System of Louisiana (TRSL) State of Louisiana | public | LA | 172,000 | 66.1% | $11.0B | 64 |
| 13 | Kentucky Teachers Retirement System (KTRS) State of Kentucky | public | KY | 152,000 | 55.3% | $17.0B | 54 |
| 14 | Hawaii Employees Retirement System (ERS) State of Hawaii | public | HI | 132,000 | 59.8% | $13.4B | 55 |
| 15 | Louisiana State Employees Retirement System (LASERS) State of Louisiana | public | LA | 108,000 | 62.2% | $6.8B | 55 |
| 16 | Massachusetts Teachers Retirement System State of Massachusetts | public | MA | 102,000 | 55.2% | $18.7B | 52 |
| 17 | Massachusetts State Employees Retirement System State of Massachusetts | public | MA | 98,000 | 64.9% | $5.1B | 58 |
| 18 | Connecticut Teachers Retirement Board State of Connecticut | public | CT | 92,000 | 52.3% | $18.7B | 51 |
| 19 | New Mexico Educational Retirement Board (ERB) State of New Mexico | public | NM | 92,000 | 64.1% | $8.1B | 58 |
| 20 | Michigan State Employees Retirement System State of Michigan | public | MI | 88,000 | 61.8% | $7.5B | 56 |
| 21 | New Jersey Police & Firemen's Retirement System (PFRS) State of New Jersey | public | NJ | 88,000 | 58.1% | $21.6B | 55 |
| 22 | New Hampshire Retirement System (NHRS) State of New Hampshire | public | NH | 72,000 | 65.1% | $5.3B | 64 |
| 23 | Philadelphia Municipal Retirement System City of Philadelphia | public | PA | 63,000 | 48.2% | $6.2B | 50 |
| 24 | Rhode Island Employees Retirement System (ERSRI) State of Rhode Island | public | RI | 55,000 | 58.1% | $6.9B | 55 |
| 25 | New York State Teamsters Conference Pension & Retirement Fund NY Teamsters Conference | multiemployer | NY | 33,330 | 50.3% | $1.8B | 61 |
| 26 | Houston Municipal Employees Pension System City of Houston | public | TX | 28,000 | 58.2% | $3.2B | 55 |
| 27 | Vermont State Teachers Retirement System State of Vermont | public | VT | 27,000 | 54.8% | $1.8B | 53 |
| 28 | Alaska Teachers Retirement System (TRS) State of Alaska | public | AK | 27,000 | 62.2% | $3.1B | 57 |
| 29 | General Motors Salaried Pension Plan General Motors | corporate | MI | 3,061 | 71.5% | $187.0M | 51 |
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 C pension plan mean?
A Grade C pension plan is adequately funded but with some concerns (Pension Health Score band 50–64/100). The grade combines three factors: funding ratio (50% of the composite), 3-year funding trend (30%), and PBGC risk level (20%). Grade C plans are near the national average. Funding ratios typically run 70%–85%, trends are mixed, and PBGC risk classifications cluster around moderate. These plans require sustained contribution discipline and favorable returns to climb into the healthier tiers. They are not in critical territory, but a single bad market year or a contribution holiday could push them lower.
How many pension plans are rated Grade C?
PensionRisk currently tracks 29 pension plans at Grade C. The top 29 are listed below by participant count and funding context, covering 7,540,391 active and retired participants in aggregate.
Should I be worried about a Grade C pension?
These plans are near the national average. Some may face challenges if investment returns disappoint or contribution discipline slips.
What is the average funding ratio of Grade C plans?
Across the listed Grade C plans, the average funding ratio is 59.0%. Aggregate unfunded liability totals $658.0B 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 C (Fair, score band 50–64/100) — 29 pension plans currently sit in this tier. These plans are near the national average. Some may face challenges if investment returns disappoint or contribution discipline slips.