High Risk Pension Plans
Plans with significant funding gaps and concerning trends. PBGC considers these at elevated risk of requiring intervention.
| # | 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 | National Electrical Benefit Fund (NEBF) IBEW & NECA | multiemployer | DC | 595,000 | 55.1% | $11.4B | C |
| 3 | South Carolina Retirement System State of South Carolina | public | SC | 575,000 | 55.1% | $28.9B | C |
| 4 | Pennsylvania Public School Employees Retirement System (PSERS) State of Pennsylvania | public | PA | 518,000 | 57.8% | $52.6B | C |
| 5 | Michigan Public School Employees Retirement System (MPSERS) State of Michigan | public | MI | 465,000 | 60.4% | $35.4B | C |
| 6 | Plumbers & Pipefitters National Pension Fund United Association (UA) | multiemployer | DC | 430,000 | 64.1% | $11.8B | C |
| 7 | New Jersey Public Employees Retirement System (PERS) State of New Jersey | public | NJ | 425,000 | 52.3% | $31.0B | C |
| 8 | Mississippi Public Employees Retirement System (PERS) State of Mississippi | public | MS | 322,000 | 60.1% | $19.3B | C |
| 9 | New Jersey Teachers Pension & Annuity Fund (TPAF) State of New Jersey | public | NJ | 268,000 | 48.1% | $30.8B | C |
| 10 | Pennsylvania State Employees Retirement System (SERS) State of Pennsylvania | public | PA | 245,000 | 63.1% | $21.2B | C |
| 11 | Kentucky County Employees Retirement System (CERS) State of Kentucky | public | KY | 185,000 | 48.4% | $9.1B | C |
| 12 | Sheet Metal Workers National Pension Fund Sheet Metal Workers International Association | multiemployer | VA | 165,000 | 57.8% | $7.2B | C |
| 13 | Kentucky Teachers Retirement System (KTRS) State of Kentucky | public | KY | 152,000 | 55.3% | $17.0B | C |
| 14 | Hawaii Employees Retirement System (ERS) State of Hawaii | public | HI | 132,000 | 59.8% | $13.4B | C |
| 15 | SEIU National Industry Pension Fund Service Employees International Union | multiemployer | DC | 112,000 | 48.2% | $4.3B | D |
| 16 | Louisiana State Employees Retirement System (LASERS) State of Louisiana | public | LA | 108,000 | 62.2% | $6.8B | C |
| 17 | Laborers National (Industrial) Pension Fund LIUNA | multiemployer | DC | 108,000 | 58.2% | $4.7B | C |
| 18 | Massachusetts Teachers Retirement System State of Massachusetts | public | MA | 102,000 | 55.2% | $18.7B | C |
| 19 | Massachusetts State Employees Retirement System State of Massachusetts | public | MA | 98,000 | 64.9% | $5.1B | C |
| 20 | Connecticut Teachers Retirement Board State of Connecticut | public | CT | 92,000 | 52.3% | $18.7B | C |
| 21 | New Mexico Educational Retirement Board (ERB) State of New Mexico | public | NM | 92,000 | 64.1% | $8.1B | C |
| 22 | Michigan State Employees Retirement System State of Michigan | public | MI | 88,000 | 61.8% | $7.5B | C |
| 23 | New Jersey Police & Firemen's Retirement System (PFRS) State of New Jersey | public | NJ | 88,000 | 58.1% | $21.6B | C |
| 24 | United Mine Workers of America 1974 Pension Plan UMWA | multiemployer | DC | 82,000 | 52.2% | $3.5B | C |
| 25 | US Steel Corporation Plan for Employee Pension Benefits United States Steel | corporate | PA | 66,000 | 55.1% | $4.2B | C |
| 26 | Philadelphia Municipal Retirement System City of Philadelphia | public | PA | 63,000 | 48.2% | $6.2B | C |
| 27 | Rhode Island Employees Retirement System (ERSRI) State of Rhode Island | public | RI | 55,000 | 58.1% | $6.9B | C |
| 28 | International Brotherhood of Boilermakers National Pension Trust Boilermakers Union | multiemployer | KS | 34,000 | 62.1% | $1.5B | C |
| 29 | Houston Municipal Employees Pension System City of Houston | public | TX | 28,000 | 58.2% | $3.2B | C |
| 30 | Vermont State Teachers Retirement System State of Vermont | public | VT | 27,000 | 54.8% | $1.8B | C |
| 31 | Alaska Teachers Retirement System (TRS) State of Alaska | public | AK | 27,000 | 62.2% | $3.1B | C |
| 32 | Dallas Police & Fire Pension System City of Dallas | public | TX | 11,200 | 45.1% | $2.9B | D |
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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.
How many pension plans are at high risk level?
There are currently 32 pension plans at high risk level in our database.
What is the PBGC?
The Pension Benefit Guaranty Corporation (PBGC) is a federal agency that insures private-sector pension plans. If a plan fails, PBGC pays benefits up to a legal maximum. PBGC risk levels indicate how likely a plan is to need intervention.