Updated May 2026 · PBGC + DOL Form 5500
Low Risk Pension Plans
Plans with strong funding, positive trends, and minimal PBGC concern. These are the safest pension plans available.
60 pension plans currently sit in the low-risk tier — covering 14,453,298 active and retired participants with an average funding ratio of 99.5%. These are the safest plans tracked, with strong funding, stable trends, and no PBGC concern.
Plans in the low PBGC-risk bucket have funded status and trajectory signals favorable enough that federal intervention is not on the near-term horizon. 60 plans hold the classification.
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 "Low Risk" Means in Practice
Low-risk plans combine strong funding ratios (typically above 90%), stable or improving 3-year trends, and PBGC classifications that fall well outside any at-risk or Critical designation. Many low-risk plans are frozen single-employer plans with closed liability books that have been steadily contributed down to a surplus position, or disciplined public plans where the sponsor has paid the full Actuarially Determined Contribution year over year through multiple market cycles.
The 60 listed plans report a combined $245.3B 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 Low Risk
| # | Plan Name | Type | State | Participants | Funding Ratio | Unfunded Gap | Grade |
|---|---|---|---|---|---|---|---|
| 1 | New York State & Local Retirement System (NYSLRS) State of New York | public | NY | 1,070,000 | 95.3% | $12.2B | A |
| 2 | Florida Retirement System (FRS) State of Florida | public | FL | 1,065,000 | 82.2% | $41.1B | B |
| 3 | North Carolina Retirement Systems State of North Carolina | public | NC | 960,000 | 87.1% | $16.6B | A |
| 4 | Ohio Public Employees Retirement System (OPERS) State of Ohio | public | OH | 762,000 | 82.5% | $22.3B | A |
| 5 | Wisconsin Retirement System (WRS) State of Wisconsin | public | WI | 665,000 | 98.4% | $2.0B | A |
| 6 | Central States, Southeast & Southwest Areas Pension Fund Teamsters Central States | multiemployer | IL | 634,861 | 94.1% | $3.5B | A |
| 7 | Western Conference of Teamsters Pension Trust Teamsters Western Conference | multiemployer | WA | 634,861 | 94.1% | $3.5B | A |
| 8 | Teamsters Local 710 Pension Fund Teamsters Local 710 | multiemployer | IL | 634,861 | 94.1% | $3.5B | A |
| 9 | Washington State Department of Retirement Systems State of Washington | public | WA | 528,000 | 87.8% | $15.0B | A |
| 10 | State Teachers Retirement System of Ohio (STRS Ohio) State of Ohio | public | OH | 507,000 | 80.2% | $22.2B | A |
| 11 | Illinois Municipal Retirement Fund (IMRF) State of Illinois | public | IL | 438,000 | 81.2% | $11.9B | A |
| 12 | New York State Teachers Retirement System (NYSTRS) State of New York | public | NY | 433,000 | 97.1% | $3.9B | A |
| 13 | Texas County & District Retirement System (TCDRS) Texas Counties | public | TX | 385,000 | 86.2% | $6.3B | A |
| 14 | Tennessee Consolidated Retirement System (TCRS) State of Tennessee | public | TN | 378,000 | 92.1% | $4.9B | A |
| 15 | Iowa Public Employees Retirement System (IPERS) State of Iowa | public | IA | 372,000 | 84.8% | $6.4B | A |
| 16 | UFCW International Union Industry Pension Fund UFCW International | multiemployer | DC | 365,494 | 85.9% | $848.9M | A |
| 17 | University of California Retirement Plan University of California | public | CA | 305,000 | 83.5% | $16.2B | B |
| 18 | Raytheon Company Pension Plan for Salaried Employees RTX Corporation | corporate | VA | 288,395 | 106.1% | $0 | A |
| 19 | AT&T Pension Benefit Plan AT&T Inc. | corporate | TX | 286,355 | 93.7% | $2.0B | A |
| 20 | UPS Retirement Plan United Parcel Service | corporate | GA | 243,932 | 90.7% | $993.0M | A |
| 21 | Operating Engineers Local 324 Pension Fund IUOE Local 324 | multiemployer | MI | 230,039 | 105.1% | $0 | A |
| 22 | FedEx Corporation Employees Pension Plan FedEx Corporation | corporate | TN | 223,371 | 101.3% | $0 | A |
| 23 | Missouri Public School Retirement System (PSRS) State of Missouri | public | MO | 220,000 | 83.8% | $9.1B | A |
| 24 | Texas Municipal Retirement System (TMRS) Texas Cities | public | TX | 218,000 | 87.8% | $5.1B | A |
| 25 | Utah Retirement Systems (URS) State of Utah | public | UT | 218,000 | 90.3% | $4.3B | A |
| 26 | Sheet Metal Workers National Pension Fund Sheet Metal Workers International Association | multiemployer | VA | 148,965 | 82.6% | $1.6B | A |
| 27 | Idaho Public Employee Retirement System (PERSI) State of Idaho | public | ID | 142,000 | 88.2% | $2.8B | A |
| 28 | Ford Motor Company Retirement Plan Ford Motor Company | corporate | MI | 141,948 | 105.3% | $0 | A |
| 29 | IBM Personal Pension Plan IBM Corporation | corporate | NY | 140,566 | 131.0% | $0 | A |
| 30 | General Electric Pension Plan GE Aerospace (formerly General Electric) | corporate | CT | 121,730 | 91.0% | $2.0B | A |
| 31 | Boeing Company Employee Retirement Plan Boeing Company | corporate | VA | 118,601 | 92.0% | $2.2B | A |
| 32 | Verizon Management Pension Plan Verizon Communications | corporate | NJ | 112,363 | 95.6% | $505.7M | A |
| 33 | Nebraska Public Employees Retirement Systems State of Nebraska | public | NE | 110,000 | 87.9% | $2.1B | A |
| 34 | Northrop Grumman Pension Plan Northrop Grumman | corporate | VA | 106,531 | 106.2% | $0 | A |
| 35 | Honeywell International Pension Plan Honeywell International | corporate | NC | 96,300 | 132.2% | $0 | A |
| 36 | International Paper Company Retirement Plan International Paper | corporate | TN | 83,689 | 104.0% | $0 | A |
| 37 | Johnson & Johnson Pension Plan Johnson & Johnson | corporate | NJ | 83,076 | 124.0% | $0 | A |
| 38 | Deere & Company Pension Plan John Deere | corporate | IL | 83,076 | 124.0% | $0 | A |
| 39 | Delta Air Lines Pilot Pension Plan Delta Air Lines | corporate | GA | 82,801 | 100.0% | $180K | A |
| 40 | South Dakota Retirement System (SDRS) State of South Dakota | public | SD | 78,000 | 96.8% | $500.0M | A |
| 41 | Maine Public Employees Retirement System (MainePERS) State of Maine | public | ME | 76,000 | 80.2% | $4.1B | B |
| 42 | San Francisco Employees Retirement System City and County of San Francisco | public | CA | 68,000 | 87.3% | $4.9B | A |
| 43 | Delaware Public Employees Retirement System (DPERS) State of Delaware | public | DE | 62,000 | 82.1% | $2.4B | B |
| 44 | ExxonMobil Pension Plan ExxonMobil | corporate | TX | 61,475 | 113.8% | $0 | A |
| 45 | 3M Company Pension Plan 3M Company | corporate | MN | 56,773 | 100.0% | $560K | A |
| 46 | Pfizer Inc. Retirement Annuity Plan Pfizer Inc. | corporate | NY | 56,716 | 108.8% | $0 | A |
| 47 | Textron Inc. Pension Plan Textron Inc. | corporate | RI | 51,703 | 128.2% | $0 | A |
| 48 | Laborers National (Industrial) Pension Fund LIUNA | multiemployer | DC | 44,923 | 98.6% | $71.8M | A |
| 49 | Caterpillar Inc. Retirement Income Plan Caterpillar Inc. | corporate | TX | 39,566 | 106.2% | $0 | A |
| 50 | General Dynamics Corporation Pension Plan General Dynamics | corporate | VA | 35,602 | 86.4% | $470.9M | A |
| 51 | Dow Chemical Company Employees Pension Plan Dow Inc. | corporate | MI | 32,746 | 93.6% | $158.0M | A |
| 52 | Kraft Heinz Company Pension Plan Kraft Heinz Company | corporate | IL | 29,036 | 116.7% | $0 | A |
| 53 | Los Angeles Fire & Police Pensions (LAFPP) City of Los Angeles | public | CA | 27,500 | 89.5% | $3.7B | A |
| 54 | Sacramento County Employees Retirement System (SCERS) Sacramento County | public | CA | 27,000 | 80.2% | $2.9B | B |
| 55 | US Steel Corporation Plan for Employee Pension Benefits United States Steel | corporate | PA | 24,055 | 104.1% | $0 | A |
| 56 | SEIU National Industry Pension Fund Service Employees International Union | multiemployer | DC | 21,789 | 97.7% | $6.4M | A |
| 57 | Procter & Gamble Retirement Plan Procter & Gamble | corporate | OH | 10,929 | 99.4% | $7.6M | A |
| 58 | Houston Firefighters Relief & Retirement Fund City of Houston | public | TX | 7,200 | 82.3% | $1.0B | A |
| 59 | Alcoa Corporation Retirement Plan Alcoa Corporation | corporate | PA | 4,115 | 119.7% | $0 | A |
| 60 | DuPont Pension & Retirement Plan DuPont de Nemours | corporate | DE | 355 | 267.1% | $0 | A |
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 "Low Risk" mean for a pension plan?
Plans with strong funding, positive trends, and minimal PBGC concern. These are the safest pension plans available. Low-risk plans combine strong funding ratios (typically above 90%), stable or improving 3-year trends, and PBGC classifications that fall well outside any at-risk or Critical designation. Many low-risk plans are frozen single-employer plans with closed liability books that have been steadily contributed down to a surplus position, or disciplined public plans where the sponsor has paid the full Actuarially Determined Contribution year over year through multiple market cycles.
How many pension plans are at low risk level?
PensionRisk currently classifies 60 pension plans at low risk. The top 60 are listed below by participant count and unfunded liability, covering 14,453,298 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.
60 pension plans currently sit in the low-risk tier — covering 14,453,298 active and retired participants with an average funding ratio of 99.5%. These are the safest plans tracked, with strong funding, stable trends, and no PBGC concern.