US public pension funds collectively manage over $4 trillion in assets, funding retirement benefits for millions of government employees, teachers, and first responders. These funds are among the world's most powerful institutional investors, influencing corporate governance, real estate markets, and global capital allocation.
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Top 10 US Pension Funds by Assets
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TIAA manages approximately $1.3 trillion in assets, making it the largest US retirement fund and one of the largest financial institutions globally. Founded in 1918 by Andrew Carnegie, TIAA serves 5 million participants in academic, cultural, and research institutions. Its TIAA Traditional Annuity has guaranteed principal and a minimum 3% annual interest for over a century.
CalPERS manages approximately $500 billion in assets as the largest US public pension fund, covering 2 million current and retired California state and local government workers. Founded in 1932, CalPERS holds significant stakes in thousands of US and international companies and is known for its corporate governance activism. It targets 6.8% annual returns.
CalSTRS manages approximately $340 billion in assets as the second-largest US public pension fund, serving 1 million California teachers and their families. Founded in 1913, its portfolio spans equities, fixed income, real estate, and private equity. CalSTRS has been a leader in sustainable investment, committing to net-zero by 2050.
The New York State Common Retirement Fund manages approximately $277 billion in assets for 1.2 million state and local government members and retirees. Third-largest US public pension fund, it is consistently rated among the best-funded with a funded ratio above 95%. The fund has committed to divesting from fossil fuels by 2040.
New York City's five retirement systems collectively manage approximately $280 billion in assets covering teachers, police, firefighters, and city workers. The NYC Teachers' Retirement System alone holds $105B+. NYC pension funds are known for aggressive ESG policies, including fossil fuel divestment commitments totaling $4B announced in 2021.
Texas TRS manages approximately $220 billion in assets for 1.9 million current and former Texas public school educators. Founded in 1937, it is the largest US pension fund solely for educators. TRS invests 25%+ in alternative assets including private equity and real assets. It reported a 7.9% net return in fiscal year 2023.
The Washington State Investment Board manages approximately $170 billion across multiple retirement and investment programs, making it one of the top-10 US public pension managers. WSIB is renowned for its pioneering private equity program, which generated 14.4% net returns over 20 years. It manages assets for 17 retirement and investment accounts.
SWIB manages approximately $152 billion in assets for the Wisconsin Retirement System, covering 650,000+ current and former state and local government employees. Founded in 1951, SWIB is noted for its mixed defined benefit/defined contribution structure and is 99% funded — one of the strongest funding ratios of any US public pension.
Florida SBA manages approximately $220 billion in assets across the Florida Retirement System and other trust funds. It serves over 1 million members including state, county, and municipal workers. Florida SBA gained attention in 2023 for divesting from ESG-focused funds under state law, reflecting political tensions around pension investment mandates.
Ohio STRS manages approximately $96 billion for 500,000 active and retired Ohio public school educators. Founded in 1920, it is among the oldest US teacher pension funds. Ohio STRS made headlines in 2023 when members voted out board trustees over investment performance and executive compensation, marking a rare pension governance revolt.
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TIAA manages approximately $1.3 trillion in assets, making it the largest US retirement fund and one of the largest financial institutions globally. Founded in 1918 by Andrew Carnegie, TIAA serves 5 million participants in academic, cultural, and research institutions. Its TIAA Traditional Annuity has guaranteed principal and a minimum 3% annual interest for over a century.
CalPERS manages approximately $500 billion in assets as the largest US public pension fund, covering 2 million current and retired California state and local government workers. Founded in 1932, CalPERS holds significant stakes in thousands of US and international companies and is known for its corporate governance activism. It targets 6.8% annual returns.
CalSTRS manages approximately $340 billion in assets as the second-largest US public pension fund, serving 1 million California teachers and their families. Founded in 1913, its portfolio spans equities, fixed income, real estate, and private equity. CalSTRS has been a leader in sustainable investment, committing to net-zero by 2050.
The New York State Common Retirement Fund manages approximately $277 billion in assets for 1.2 million state and local government members and retirees. Third-largest US public pension fund, it is consistently rated among the best-funded with a funded ratio above 95%. The fund has committed to divesting from fossil fuels by 2040.
New York City's five retirement systems collectively manage approximately $280 billion in assets covering teachers, police, firefighters, and city workers. The NYC Teachers' Retirement System alone holds $105B+. NYC pension funds are known for aggressive ESG policies, including fossil fuel divestment commitments totaling $4B announced in 2021.
Texas TRS manages approximately $220 billion in assets for 1.9 million current and former Texas public school educators. Founded in 1937, it is the largest US pension fund solely for educators. TRS invests 25%+ in alternative assets including private equity and real assets. It reported a 7.9% net return in fiscal year 2023.
The Washington State Investment Board manages approximately $170 billion across multiple retirement and investment programs, making it one of the top-10 US public pension managers. WSIB is renowned for its pioneering private equity program, which generated 14.4% net returns over 20 years. It manages assets for 17 retirement and investment accounts.
SWIB manages approximately $152 billion in assets for the Wisconsin Retirement System, covering 650,000+ current and former state and local government employees. Founded in 1951, SWIB is noted for its mixed defined benefit/defined contribution structure and is 99% funded — one of the strongest funding ratios of any US public pension.
Florida SBA manages approximately $220 billion in assets across the Florida Retirement System and other trust funds. It serves over 1 million members including state, county, and municipal workers. Florida SBA gained attention in 2023 for divesting from ESG-focused funds under state law, reflecting political tensions around pension investment mandates.
Ohio STRS manages approximately $96 billion for 500,000 active and retired Ohio public school educators. Founded in 1920, it is among the oldest US teacher pension funds. Ohio STRS made headlines in 2023 when members voted out board trustees over investment performance and executive compensation, marking a rare pension governance revolt.
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