Updated May 2026 · PBGC + DOL Form 5500
High Risk Pension Plans
Plans with significant funding gaps and concerning trends. PBGC considers these at elevated risk of requiring intervention.
27 pension plans currently sit in the high-risk tier — covering 5,328,443 active and retired participants with an average funding ratio of 56.9%. They face elevated PBGC concern but have not crossed into formal critical designation.
High PBGC risk triggers enhanced monitoring and, in many cases, mandatory funding-improvement plans. 27 plans hold this classification, reflecting funded-status pressure that has crossed regulatory thresholds.
PBGC risk classification applies primarily to private single-employer and multi-employer plans. Public-sector plans operate under state oversight rather than PBGC, so the risk signal there comes from state-level fiscal monitors instead of the federal scheme. For participants, the PBGC classification matters because it signals both the immediate intervention probability and the longer-term benefit-guarantee outlook. Each plan page below links to its full PBGC status and funding history.
What "High Risk" Means in Practice
High-risk plans show meaningful funding gaps and concerning trend signals but have not crossed into formal critical or at-risk designation. They typically post funding ratios in the 60%–75% band with declining or flat 3-year trends. Sponsors of high-risk plans face elevated minimum required contributions and increased PBGC variable-rate premiums for corporate plans, which can compound the funding stress over time.
The 27 listed plans report a combined $417.6B in unfunded liability — the dollar gap between plan assets and the present value of accrued benefit obligations at each plan's assumed discount rate.
For ERISA-covered private and multiemployer plans, risk classifications draw from PBGC publications and from DOL Form 5500 Schedule SB or MB filings, which disclose the actuarial valuation, the assumed return rate, and any at-risk or Critical-status designation. For public plans, risk reads come from the Public Plans Database compilation of ACFR data, since public plans are not subject to PBGC.
None of this content is investment advice. Participants concerned about a specific plan should review the most recent Annual Funding Notice (mailed annually under ERISA Section 101(f)) and consult a fee-only fiduciary advisor before making any decision about a benefit election or rollover.
Plans at High Risk
| # | Plan Name | Type | State | Participants | Funding Ratio | Unfunded Gap | Grade |
|---|---|---|---|---|---|---|---|
| 1 | Colorado Public Employees Retirement Association (PERA) State of Colorado | public | CO | 625,000 | 64.8% | $31.5B | C |
| 2 | South Carolina Retirement System State of South Carolina | public | SC | 575,000 | 55.1% | $28.9B | C |
| 3 | Pennsylvania Public School Employees Retirement System (PSERS) State of Pennsylvania | public | PA | 518,000 | 57.8% | $52.6B | C |
| 4 | Michigan Public School Employees Retirement System (MPSERS) State of Michigan | public | MI | 465,000 | 60.4% | $35.4B | C |
| 5 | Plumbers & Pipefitters National Pension Fund United Association (UA) | multiemployer | DC | 430,000 | 64.1% | $11.8B | C |
| 6 | New Jersey Public Employees Retirement System (PERS) State of New Jersey | public | NJ | 425,000 | 52.3% | $31.0B | C |
| 7 | Mississippi Public Employees Retirement System (PERS) State of Mississippi | public | MS | 322,000 | 60.1% | $19.3B | C |
| 8 | New Jersey Teachers Pension & Annuity Fund (TPAF) State of New Jersey | public | NJ | 268,000 | 48.1% | $30.8B | C |
| 9 | Pennsylvania State Employees Retirement System (SERS) State of Pennsylvania | public | PA | 245,000 | 63.1% | $21.2B | C |
| 10 | Kentucky County Employees Retirement System (CERS) State of Kentucky | public | KY | 185,000 | 48.4% | $9.1B | C |
| 11 | Kentucky Teachers Retirement System (KTRS) State of Kentucky | public | KY | 152,000 | 55.3% | $17.0B | C |
| 12 | Hawaii Employees Retirement System (ERS) State of Hawaii | public | HI | 132,000 | 59.8% | $13.4B | C |
| 13 | Louisiana State Employees Retirement System (LASERS) State of Louisiana | public | LA | 108,000 | 62.2% | $6.8B | C |
| 14 | Massachusetts Teachers Retirement System State of Massachusetts | public | MA | 102,000 | 55.2% | $18.7B | C |
| 15 | Massachusetts State Employees Retirement System State of Massachusetts | public | MA | 98,000 | 64.9% | $5.1B | C |
| 16 | Connecticut Teachers Retirement Board State of Connecticut | public | CT | 92,000 | 52.3% | $18.7B | C |
| 17 | New Mexico Educational Retirement Board (ERB) State of New Mexico | public | NM | 92,000 | 64.1% | $8.1B | C |
| 18 | Michigan State Employees Retirement System State of Michigan | public | MI | 88,000 | 61.8% | $7.5B | C |
| 19 | New Jersey Police & Firemen's Retirement System (PFRS) State of New Jersey | public | NJ | 88,000 | 58.1% | $21.6B | C |
| 20 | United Mine Workers of America 1974 Pension Plan UMWA | multiemployer | DC | 73,913 | 51.5% | $3.1B | D |
| 21 | Philadelphia Municipal Retirement System City of Philadelphia | public | PA | 63,000 | 48.2% | $6.2B | C |
| 22 | Rhode Island Employees Retirement System (ERSRI) State of Rhode Island | public | RI | 55,000 | 58.1% | $6.9B | C |
| 23 | New York State Teamsters Conference Pension & Retirement Fund NY Teamsters Conference | multiemployer | NY | 33,330 | 50.3% | $1.8B | C |
| 24 | Houston Municipal Employees Pension System City of Houston | public | TX | 28,000 | 58.2% | $3.2B | C |
| 25 | Vermont State Teachers Retirement System State of Vermont | public | VT | 27,000 | 54.8% | $1.8B | C |
| 26 | Alaska Teachers Retirement System (TRS) State of Alaska | public | AK | 27,000 | 62.2% | $3.1B | C |
| 27 | Dallas Police & Fire Pension System City of Dallas | public | TX | 11,200 | 45.1% | $2.9B | D |
How Risk Classifications Are Determined
For ERISA-covered private and multiemployer plans, classifications come from PBGC publications and from the at-risk and Critical-status designations disclosed on Schedule SB and Schedule MB of Form 5500. For public plans, classifications are derived from funding ratio and 3-year funding trend, since public plans are not subject to PBGC. The Pension Health Score weights PBGC risk at 20% of the composite, alongside funding ratio (50%) and trend (30%). Read the full methodology.
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Frequently Asked Questions
What does "High Risk" mean for a pension plan?
Plans with significant funding gaps and concerning trends. PBGC considers these at elevated risk of requiring intervention. High-risk plans show meaningful funding gaps and concerning trend signals but have not crossed into formal critical or at-risk designation. They typically post funding ratios in the 60%–75% band with declining or flat 3-year trends. Sponsors of high-risk plans face elevated minimum required contributions and increased PBGC variable-rate premiums for corporate plans, which can compound the funding stress over time.
How many pension plans are at high risk level?
PensionRisk currently classifies 27 pension plans at high risk. The top 27 are listed below by participant count and unfunded liability, covering 5,328,443 active and retired participants in aggregate.
What is the PBGC and how does it set risk classifications?
The Pension Benefit Guaranty Corporation is a federal agency that insures private-sector defined-benefit pensions. PBGC publishes a list of multiemployer plans in Critical or Critical-and-Declining status under PPA, and a separate framework for corporate single-employer plans designated as at-risk under ERISA Section 430(i). Plans funded below 80% are at-risk, and plans below 70% face stricter rules including amendment and lump-sum distribution restrictions. PBGC publications and the agency's annual report are available at pbgc.gov.
Are public pensions PBGC-rated?
No. Public pension plans — those sponsored by state, county, or municipal governments — are not subject to ERISA or PBGC. They have no federal risk classification. PensionRisk applies a low PBGC-risk default to public plans for the purpose of computing the Pension Health Score; the actual risk signal for public plans comes from funding ratio, 3-year trend, and the sponsor's contribution discipline as reported in each system's ACFR.
Where does the underlying data come from?
Risk classifications come from PBGC publications for ERISA-covered plans and from PensionRisk's composite scoring for public plans (low PBGC-risk default, with funding ratio and trend driving the overall risk read). Funding ratios come from DOL Form 5500 Schedule SB or MB and the Boston College Public Plans Database. The current dataset reflects filings available as of May 2026.
27 pension plans currently sit in the high-risk tier — covering 5,328,443 active and retired participants with an average funding ratio of 56.9%. They face elevated PBGC concern but have not crossed into formal critical designation.