Updated May 2026 · DOL Form 5500 + Public Plans Database
Best Funded Pension Plans in America
The 100 U.S. pension plans with the highest funding ratios. 11 are fully funded (100%+) and 42 sit at or above the 80% actuarial benchmark, together covering 31,878,694 active and retired participants.
What "Well Funded" Means
A pension plan's funding ratio is plan assets divided by the present value of accrued benefit obligations, calculated at the plan's assumed discount rate. A plan reporting 100% funded has exactly enough assets, valued today, to pay every benefit it has promised at that discount rate. Above 100% is a surplus position; the 80%–100% range is the actuarial "healthy" band most pension professionals treat as acceptable for an ongoing operation.
Reporting fully funded does not mean a plan is permanently safe. Funding ratios shift each valuation cycle with interest-rate moves, asset returns, and contribution policy decisions. A plan funded at 105% today can fall below 100% in a single bad market year if the sponsor takes a contribution holiday and asset returns disappoint. Conversely, a plan that consistently pays the full Actuarially Determined Contribution can climb out of underfunding over a decade even when starting in the 70%–80% band.
What the best-funded plans share is consistent contribution discipline. The leaderboard tends to be dominated by sponsors who paid the full ADC every year through the 2010s and built reserves before the 2022 market downturn. Among corporate plans, frozen single-employer plans with closed liability books appear frequently — once accruals stop, the obligation stops growing and ongoing contributions can drive funding ratios above 100%.
Where the Numbers Come From
Corporate single-employer and multiemployer plan funding ratios come from DOL EBSA Form 5500 datasets, specifically the Schedule SB or Schedule MB actuarial valuation. These plans are insured by the Pension Benefit Guaranty Corporation up to a statutory annual maximum, with separate programs and guarantee levels for single-employer and multiemployer plans.
State and municipal public plan funding ratios come from the Boston College Center for Retirement Research Public Plans Database. PPD compiles each system's ACFR into a standardized panel that allows cross-state comparison. Public plans are not PBGC-insured; accrued benefits are protected through state constitutional or statutory clauses and the sponsor's taxing authority.
Full Ranking
| # | Plan Name | Type | State | Participants | Funding Ratio | Total Assets | Grade |
|---|---|---|---|---|---|---|---|
| 1 | California Public Employees Retirement System (CalPERS) State of California | public | CA | 2,050,000 | 67.3% | $473.0B | C |
| 2 | Teacher Retirement System of Texas (TRS) State of Texas | public | TX | 1,730,000 | 78.1% | $193.0B | B |
| 3 | New York State & Local Retirement System (NYSLRS) State of New York | public | NY | 1,070,000 | 95.3% | $248.0B | A |
| 4 | Florida Retirement System (FRS) State of Florida | public | FL | 1,065,000 | 82.2% | $190.0B | B |
| 5 | California State Teachers Retirement System (CalSTRS) State of California | public | CA | 985,000 | 72.9% | $318.0B | B |
| 6 | North Carolina Retirement Systems State of North Carolina | public | NC | 960,000 | 87.1% | $112.0B | A |
| 7 | Ohio Public Employees Retirement System (OPERS) State of Ohio | public | OH | 762,000 | 82.5% | $105.0B | A |
| 8 | Virginia Retirement System (VRS) State of Virginia | public | VA | 740,000 | 75.1% | $87.0B | B |
| 9 | Wisconsin Retirement System (WRS) State of Wisconsin | public | WI | 665,000 | 98.4% | $122.0B | A |
| 10 | Central States, Southeast & Southwest Areas Pension Fund Teamsters Central States | multiemployer | IL | 634,861 | 94.1% | $55.6B | A |
| 11 | Western Conference of Teamsters Pension Trust Teamsters Western Conference | multiemployer | WA | 634,861 | 94.1% | $55.6B | A |
| 12 | Teamsters Local 710 Pension Fund Teamsters Local 710 | multiemployer | IL | 634,861 | 94.1% | $55.6B | A |
| 13 | Colorado Public Employees Retirement Association (PERA) State of Colorado | public | CO | 625,000 | 64.8% | $58.0B | C |
| 14 | Arizona State Retirement System (ASRS) State of Arizona | public | AZ | 588,000 | 72.3% | $46.0B | B |
| 15 | South Carolina Retirement System State of South Carolina | public | SC | 575,000 | 55.1% | $35.5B | C |
| 16 | Washington State Department of Retirement Systems State of Washington | public | WA | 528,000 | 87.8% | $108.0B | A |
| 17 | Pennsylvania Public School Employees Retirement System (PSERS) State of Pennsylvania | public | PA | 518,000 | 57.8% | $72.0B | C |
| 18 | State Teachers Retirement System of Ohio (STRS Ohio) State of Ohio | public | OH | 507,000 | 80.2% | $90.0B | A |
| 19 | Michigan Public School Employees Retirement System (MPSERS) State of Michigan | public | MI | 465,000 | 60.4% | $54.0B | C |
| 20 | Illinois Municipal Retirement Fund (IMRF) State of Illinois | public | IL | 438,000 | 81.2% | $51.2B | A |
| 21 | New York State Teachers Retirement System (NYSTRS) State of New York | public | NY | 433,000 | 97.1% | $131.0B | A |
| 22 | Plumbers & Pipefitters National Pension Fund United Association (UA) | multiemployer | DC | 430,000 | 64.1% | $21.0B | C |
| 23 | New Jersey Public Employees Retirement System (PERS) State of New Jersey | public | NJ | 425,000 | 52.3% | $34.0B | C |
| 24 | Indiana Public Retirement System (INPRS) State of Indiana | public | IN | 425,000 | 78.2% | $37.0B | B |
| 25 | Illinois Teachers Retirement System (TRS) State of Illinois | public | IL | 424,000 | 44.7% | $62.8B | D |
| 26 | Georgia Teachers Retirement System (TRS) State of Georgia | public | GA | 405,000 | 77.4% | $74.0B | B |
| 27 | Maryland State Retirement & Pension System State of Maryland | public | MD | 398,000 | 72.1% | $61.0B | B |
| 28 | Texas County & District Retirement System (TCDRS) Texas Counties | public | TX | 385,000 | 86.2% | $39.5B | A |
| 29 | Tennessee Consolidated Retirement System (TCRS) State of Tennessee | public | TN | 378,000 | 92.1% | $57.0B | A |
| 30 | Minnesota Public Employees Retirement Association (PERA) State of Minnesota | public | MN | 378,000 | 79.1% | $35.0B | B |
| 31 | Oregon Public Employees Retirement System (PERS) State of Oregon | public | OR | 375,000 | 77.3% | $84.0B | B |
| 32 | Iowa Public Employees Retirement System (IPERS) State of Iowa | public | IA | 372,000 | 84.8% | $35.5B | A |
| 33 | NYC Employees Retirement System (NYCERS) New York City | public | NY | 370,000 | 76.8% | $77.2B | B |
| 34 | UFCW International Union Industry Pension Fund UFCW International | multiemployer | DC | 365,494 | 85.9% | $5.2B | A |
| 35 | Kansas Public Employees Retirement System (KPERS) State of Kansas | public | KS | 328,000 | 72.3% | $24.8B | B |
| 36 | Employees Retirement System of Texas (ERS) State of Texas | public | TX | 327,000 | 70.1% | $31.5B | B |
| 37 | Mississippi Public Employees Retirement System (PERS) State of Mississippi | public | MS | 322,000 | 60.1% | $29.0B | C |
| 38 | University of California Retirement Plan University of California | public | CA | 305,000 | 83.5% | $82.0B | B |
| 39 | Raytheon Company Pension Plan for Salaried Employees RTX Corporation | corporate | VA | 288,395 | 106.1% | $43.8B | A |
| 40 | AT&T Pension Benefit Plan AT&T Inc. | corporate | TX | 286,355 | 93.7% | $30.0B | A |
| 41 | New Jersey Teachers Pension & Annuity Fund (TPAF) State of New Jersey | public | NJ | 268,000 | 48.1% | $28.5B | C |
| 42 | Pennsylvania State Employees Retirement System (SERS) State of Pennsylvania | public | PA | 245,000 | 63.1% | $36.2B | C |
| 43 | UPS Retirement Plan United Parcel Service | corporate | GA | 243,932 | 90.7% | $9.7B | A |
| 44 | Operating Engineers Local 324 Pension Fund IUOE Local 324 | multiemployer | MI | 230,039 | 105.1% | $24.8B | A |
| 45 | NYC Teachers Retirement System (TRS) New York City | public | NY | 225,000 | 74.2% | $92.0B | B |
| 46 | FedEx Corporation Employees Pension Plan FedEx Corporation | corporate | TN | 223,371 | 101.3% | $26.6B | A |
| 47 | Missouri Public School Retirement System (PSRS) State of Missouri | public | MO | 220,000 | 83.8% | $47.0B | A |
| 48 | State Universities Retirement System of Illinois (SURS) State of Illinois | public | IL | 218,000 | 44.1% | $22.5B | D |
| 49 | Texas Municipal Retirement System (TMRS) Texas Cities | public | TX | 218,000 | 87.8% | $36.8B | A |
| 50 | School Employees Retirement System of Ohio (SERS) State of Ohio | public | OH | 218,000 | 67.9% | $16.2B | B |
| 51 | Utah Retirement Systems (URS) State of Utah | public | UT | 218,000 | 90.3% | $40.0B | A |
| 52 | Nevada Public Employees Retirement System (PERS) State of Nevada | public | NV | 218,000 | 76.2% | $50.2B | B |
| 53 | Minnesota Teachers Retirement Association (TRA) State of Minnesota | public | MN | 195,000 | 79.8% | $28.0B | B |
| 54 | Los Angeles County Employees Retirement Association (LACERA) Los Angeles County | public | CA | 186,000 | 75.2% | $73.5B | B |
| 55 | Kentucky County Employees Retirement System (CERS) State of Kentucky | public | KY | 185,000 | 48.4% | $8.5B | C |
| 56 | Alabama Teachers Retirement System (TRS) State of Alabama | public | AL | 178,000 | 68.2% | $27.5B | B |
| 57 | Teachers Retirement System of Louisiana (TRSL) State of Louisiana | public | LA | 172,000 | 66.1% | $21.5B | C |
| 58 | Oklahoma Teachers Retirement System State of Oklahoma | public | OK | 162,000 | 67.8% | $18.2B | B |
| 59 | State Employees Retirement System of Illinois (SERS) State of Illinois | public | IL | 152,000 | 40.4% | $19.8B | D |
| 60 | Kentucky Teachers Retirement System (KTRS) State of Kentucky | public | KY | 152,000 | 55.3% | $21.0B | C |
| 61 | Sheet Metal Workers National Pension Fund Sheet Metal Workers International Association | multiemployer | VA | 148,965 | 82.6% | $7.5B | A |
| 62 | Kentucky Employees Retirement System (KERS) State of Kentucky | public | KY | 142,000 | 20.4% | $7.2B | F |
| 63 | Idaho Public Employee Retirement System (PERSI) State of Idaho | public | ID | 142,000 | 88.2% | $21.2B | A |
| 64 | Ford Motor Company Retirement Plan Ford Motor Company | corporate | MI | 141,948 | 105.3% | $19.3B | A |
| 65 | IBM Personal Pension Plan IBM Corporation | corporate | NY | 140,566 | 131.0% | $24.4B | A |
| 66 | Georgia Employees Retirement System (ERS) State of Georgia | public | GA | 138,000 | 77.2% | $17.8B | B |
| 67 | Alabama Employees Retirement System (ERS) State of Alabama | public | AL | 132,000 | 69.8% | $15.5B | B |
| 68 | Hawaii Employees Retirement System (ERS) State of Hawaii | public | HI | 132,000 | 59.8% | $20.0B | C |
| 69 | General Electric Pension Plan GE Aerospace (formerly General Electric) | corporate | CT | 121,730 | 91.0% | $20.2B | A |
| 70 | Missouri State Employees Retirement System (MOSERS) State of Missouri | public | MO | 120,000 | 72.2% | $9.5B | B |
| 71 | Boeing Company Employee Retirement Plan Boeing Company | corporate | VA | 118,601 | 92.0% | $25.0B | A |
| 72 | Verizon Management Pension Plan Verizon Communications | corporate | NJ | 112,363 | 95.6% | $10.9B | A |
| 73 | Connecticut State Employees Retirement System (SERS) State of Connecticut | public | CT | 112,000 | 38.2% | $14.2B | D |
| 74 | Minnesota State Retirement System (MSRS) State of Minnesota | public | MN | 112,000 | 77.3% | $14.5B | B |
| 75 | Arkansas Teacher Retirement System (ATRS) State of Arkansas | public | AR | 112,000 | 71.9% | $18.5B | B |
| 76 | Nebraska Public Employees Retirement Systems State of Nebraska | public | NE | 110,000 | 87.9% | $15.2B | A |
| 77 | Louisiana State Employees Retirement System (LASERS) State of Louisiana | public | LA | 108,000 | 62.2% | $11.2B | C |
| 78 | New Mexico Public Employees Retirement Association (PERA) State of New Mexico | public | NM | 108,000 | 67.9% | $16.2B | B |
| 79 | Northrop Grumman Pension Plan Northrop Grumman | corporate | VA | 106,531 | 106.2% | $18.7B | A |
| 80 | Massachusetts Teachers Retirement System State of Massachusetts | public | MA | 102,000 | 55.2% | $23.0B | C |
| 81 | Bakery & Confectionery Union Industry International Pension Fund BCTGM International Union | multiemployer | MD | 100,402 | 41.8% | $3.0B | D |
| 82 | Massachusetts State Employees Retirement System State of Massachusetts | public | MA | 98,000 | 64.9% | $9.5B | C |
| 83 | Arkansas Public Employees Retirement System (APERS) State of Arkansas | public | AR | 98,000 | 74.8% | $9.5B | B |
| 84 | Honeywell International Pension Plan Honeywell International | corporate | NC | 96,300 | 132.2% | $16.6B | A |
| 85 | Connecticut Teachers Retirement Board State of Connecticut | public | CT | 92,000 | 52.3% | $20.5B | C |
| 86 | New Mexico Educational Retirement Board (ERB) State of New Mexico | public | NM | 92,000 | 64.1% | $14.5B | C |
| 87 | Michigan State Employees Retirement System State of Michigan | public | MI | 88,000 | 61.8% | $12.2B | C |
| 88 | New Jersey Police & Firemen's Retirement System (PFRS) State of New Jersey | public | NJ | 88,000 | 58.1% | $30.0B | C |
| 89 | Oklahoma Public Employees Retirement System (OPERS) State of Oklahoma | public | OK | 88,000 | 70.3% | $10.2B | B |
| 90 | Lockheed Martin Corporation Retirement Plan Lockheed Martin | corporate | MD | 84,564 | 78.8% | $17.4B | B |
| 91 | International Paper Company Retirement Plan International Paper | corporate | TN | 83,689 | 104.0% | $8.8B | A |
| 92 | Johnson & Johnson Pension Plan Johnson & Johnson | corporate | NJ | 83,076 | 124.0% | $21.1B | A |
| 93 | Deere & Company Pension Plan John Deere | corporate | IL | 83,076 | 124.0% | $21.1B | A |
| 94 | Delta Air Lines Pilot Pension Plan Delta Air Lines | corporate | GA | 82,801 | 100.0% | $7.3B | A |
| 95 | South Dakota Retirement System (SDRS) State of South Dakota | public | SD | 78,000 | 96.8% | $14.2B | A |
| 96 | Maine Public Employees Retirement System (MainePERS) State of Maine | public | ME | 76,000 | 80.2% | $16.5B | B |
| 97 | United Mine Workers of America 1974 Pension Plan UMWA | multiemployer | DC | 73,913 | 51.5% | $3.3B | D |
| 98 | New Hampshire Retirement System (NHRS) State of New Hampshire | public | NH | 72,000 | 65.1% | $9.8B | C |
| 99 | Chicago Teachers Pension Fund City of Chicago | public | IL | 69,000 | 42.8% | $12.4B | D |
| 100 | San Francisco Employees Retirement System City and County of San Francisco | public | CA | 68,000 | 87.3% | $33.8B | A |
How These Ranks Are Calculated
Plans are sorted descending by funding ratio. Ties break to the larger participant count. The Pension Health Score combines funding ratio (50% of the composite), 3-year funding trend (30%), and PBGC risk level (20%) into a 0–100 index with an A–F grade — a plan can rank highly on funding ratio but score lower if it is on a declining trend or carries elevated PBGC risk. Read the full methodology.
Frequently Asked Questions
What makes a pension plan "best funded"?
A best-funded plan reports assets equal to or greater than the present value of accrued benefit obligations at the plan's assumed discount rate. 11 of the 100 plans in this ranking are fully funded (100%+) and 42 sit at or above the 80% actuarial benchmark. Together they cover 31,878,694 active and retired participants. Reaching full funding does not mean a plan is permanently safe — funding ratios swing each valuation cycle as interest rates and asset returns move — but it is the strongest single signal of sponsor discipline.
Which is the best-funded plan?
The highest-funded plan in this ranking is California Public Employees Retirement System (CalPERS) (sponsored by State of California) at 67.3% funded as of the most recent valuation. The plan covers 2,050,000 participants and earns a Pension Health Score grade of C.
Why are some plans more than 100% funded?
A plan funded above 100% reports more assets than the present value of its accrued obligations at the plan's assumed discount rate. This usually reflects a sponsor that consistently paid the full Actuarially Determined Contribution, accumulated investment returns above the discount-rate assumption, or built reserves through favorable interest-rate moves (corporate plans saw reported funding ratios climb meaningfully in 2022–2024 as discount rates rose). Plans above 100% can also be the result of a frozen plan with a fixed liability stream that has been funded down by ongoing contributions.
How are these rankings calculated?
Plans are sorted descending by funding ratio from the most recent available valuation. For ERISA-covered private and multiemployer plans, the funding ratio comes from DOL Form 5500 Schedule SB or MB. For state and municipal public plans, it comes from the Boston College Center for Retirement Research Public Plans Database, which compiles each system's ACFR. The Pension Health Score shown alongside the funding ratio combines funding ratio (50%), 3-year funding trend (30%), and PBGC risk (20%).
How current is this data?
Rankings 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. Funding ratios reported here are not projections — they are the figures plan sponsors filed with regulators.
Of the 100 best-funded U.S. pension plans tracked, 11 are fully funded (100%+) and 42 sit at or above the 80% actuarial benchmark, together covering 31,878,694 participants. Sourced from DOL Form 5500, PBGC, and the Boston College Public Plans Database.