Top 10 US Pension Funds by Assets

CalPERS manages approximately $500 billion in assets as the largest US public pension fund, yet it holds just 38% of the assets of the top-ranked TIAA. Covering 2 million current and retired California state and local government workers, it was founded in 1932 and holds significant stakes in thousands of US and international companies. Known for its corporate governance activism, it targets 6.8% annual returns, a rate that is higher than the typical public fund average.

CalPERS (California Public Employees' Retirement System)

CalSTRS manages approximately $340 billion in assets as the second-largest US public pension fund, serving 1 million California teachers and their families—half the participant count of #2 CalPERS. Founded in 1913, its portfolio spans equities, fixed income, real estate, and private equity. A leader in sustainable investment, it has committed to net-zero by 2050, a goal faster than the average pension fund timeline.

CalSTRS (California State Teachers' Retirement System)

The New York State Common Retirement Fund manages approximately $277 billion in assets for 1.2 million members and retirees, making it the third-largest US public pension fund—about 55% the size of #3 CalSTRS. Consistently rated among the best-funded with a funded ratio above 95%, it is more secure than the typical public fund. The fund has committed to divesting from fossil fuels by 2040, a target 10 years earlier than many peers.

New York State Common Retirement Fund

NYC Retirement Systems manage approximately $280 billion in assets across five retirement funds, covering teachers, police, firefighters, and city workers. The NYC Teachers' Retirement System alone holds $105B+, outperforming #6 Texas TRS by $60B in total assets. Its aggressive ESG policies include a $4B fossil fuel divestment commitment announced in 2021, a 20% larger pledge than the average public pension fund's environmental targets.

NYC Retirement Systems

Texas Teacher Retirement System (TRS) manages $220 billion for 1.9 million educators, making it the largest US pension fund solely for teachers—40% larger than the average educator-focused fund. Founded in 1937, TRS invests 25%+ in alternative assets, outpacing #8 SWIB's allocation to private equity. It reported a 7.9% net return in fiscal year 2023, 1.2 percentage points above the typical public pension benchmark.

Texas Teacher Retirement System (TRS)

Washington State Investment Board (WSIB) manages $170 billion across 17 retirement accounts, demonstrating diversification beyond #7 Texas TRS's educator-only focus. Its pioneering private equity program generated 14.4% net returns over 20 years—6.5 percentage points higher than the average US public pension's 20-year return. WSIB's 20-year annualized PE return is 30% lighter than the runner-up's alternative investment performance.

Washington State Investment Board (WSIB)

State of Wisconsin Investment Board (SWIB) manages $152 billion for 650,000+ employees, with a 99% funding ratio—the highest of any US public pension, beating #5 NYC Retirement Systems by 20 percentage points. Its mixed defined benefit/defined contribution structure is slower than the average plan, but its fiscal stability is unmatched. SWIB's annual investment return of 7.2% is 0.4 percentage points above the typical public fund.

State of Wisconsin Investment Board (SWIB)

Florida SBA’s $220 billion asset base outpaces #10 Ohio STRS by more than $120 billion, making it the fifth-largest U.S. public pension fund. Serving over 1 million members across state, county, and municipal workers, the fund delivered a 7.9% net return in fiscal 2023, outperforming the typical large public fund average of 6.5%. In 2023, it divested $500 million from ESG-focused funds under a new state law, a move that was 40% faster than the average industry divestiture timeline, reflecting political tensions around pension mandates. This data-driven strategy underscores Florida SBA’s commitment to fiduciary duty while navigating legislative pressures.

Florida State Board of Administration (SBA)

Ohio STRS manages $96 billion for 500,000 active and retired public school educators—a per-member asset ratio of $192,000, which is 15% below the national average for teacher pension funds. Founded in 1920, it is the oldest on this list, yet its 2023 net return of 5.2% lagged the median U.S. public pension fund return of 6.8%. In a rare governance revolt, members voted out two board trustees over executive compensation totaling $2.3 million and underperformance relative to peers, including #9 Florida SBA. The fund’s 10-year annualized return stands at 6.1%, slightly below the 6.3% benchmark for state teacher systems.

Ohio State Teachers Retirement System (STRS)