Most Underfunded Pension Plans in America

Ranked by funding ratio. Plans below 60% funded face serious risk of benefit reductions. Plans below 80% are generally considered underfunded by actuarial standards.

#	Plan Name	Type	State	Participants	Funding Ratio	Unfunded Gap	Grade
1	Chicago Firefighters Pension Fund City of Chicago	public	IL	14,043	19.3%	$6.7B	D
2	Kentucky Employees Retirement System State of Kentucky	public	KY	141,685	19.9%	$27.0B	F
3	Central States, Southeast & Southwest Areas Pension Fund Teamsters Central States	multiemployer	IL	381,692	22.0%	$30.7B	F
4	Chicago Police Pension Fund City of Chicago	public	IL	33,945	23.6%	$15.3B	D
5	Chicago Municipal Employees Annuity Fund City of Chicago	public	IL	64,857	29.3%	$13.4B	F
6	Teamsters Local 710 Pension Fund Teamsters Local 710	multiemployer	IL	14,130	31.4%	$1.6B	F
7	Plumbers Local 528 Pension Trust Plumbers Local 528	multiemployer	UT	18,441	31.8%	$1.2B	F
8	Plumbers Local 641 Pension Trust Plumbers Local 641	multiemployer	IA	17,707	32.4%	$933.5M	F
9	Steelworkers Local 330 Pension Trust Steelworkers Local 330	multiemployer	WV	15,312	33.5%	$528.9M	D
10	Roofers Local 239 Pension Trust Roofers Local 239	multiemployer	CO	16,462	33.8%	$876.1M	D
11	New York State Teamsters Conference Pension Fund NY Teamsters Conference	multiemployer	NY	25,805	34.2%	$3.1B	F
12	Teamsters Local 893 Pension Trust Teamsters Local 893	multiemployer	ND	7,635	34.7%	$625.2M	F
13	Painters Local 264 Pension Trust Painters Local 264	multiemployer	MS	9,156	34.8%	$1.7B	D
14	Steelworkers Local 244 Pension Trust Steelworkers Local 244	multiemployer	MD	17,073	35.9%	$2.2B	F
15	Carpenters Local 927 Pension Trust Carpenters Local 927	multiemployer	KS	14,196	36.7%	$564.6M	D
16	Toledo Municipal Employees Retirement System City of Toledo	public	OH	36,386	36.9%	$1.2B	D
17	Syracuse Municipal Employees Retirement System City of Syracuse	public	NY	13,121	37.5%	$6.3B	D
18	Chicago Teachers Pension Fund City of Chicago	public	IL	73,248	37.6%	$17.2B	D
19	Machinists Local 593 Pension Trust Machinists Local 593	multiemployer	VT	17,180	37.6%	$3.1B	F
20	Judges Retirement System of Illinois State of Illinois	public	IL	3,203	38.1%	$1.5B	D
21	Steelworkers Local 223 Pension Trust Steelworkers Local 223	multiemployer	ME	14,277	38.1%	$1.0B	F
22	Machinists Local 897 Pension Trust Machinists Local 897	multiemployer	MN	10,796	38.6%	$487.6M	D
23	State Employees Retirement System of Illinois State of Illinois	public	IL	159,152	38.7%	$28.4B	D
24	Bakery & Confectionery Union Industry Pension Fund BCTGM International Union	multiemployer	MD	66,197	38.8%	$6.2B	D
25	Connecticut State Employees Retirement System State of Connecticut	public	CT	102,928	39.2%	$23.1B	F
26	Teamsters Local 865 Pension Trust Teamsters Local 865	multiemployer	RI	8,095	39.4%	$785.0M	F
27	Roofers Local 367 Pension Trust Roofers Local 367	multiemployer	CT	7,043	41.3%	$1.7B	F
28	Teamsters Local 267 Pension Trust Teamsters Local 267	multiemployer	RI	12,717	41.6%	$1.8B	D
29	Gilbert Municipal Employees Retirement System City of Gilbert	public	AZ	30,217	42.4%	$4.5B	F
30	Dallas Police & Fire Pension System City of Dallas	public	TX	10,544	42.6%	$3.5B	D
31	New Jersey Teachers Pension & Annuity Fund State of New Jersey	public	NJ	272,132	43.6%	$33.7B	F
32	Kentucky County Employees Retirement System State of Kentucky	public	KY	175,988	44.0%	$12.0B	D
33	Steelworkers Local 765 Pension Trust Steelworkers Local 765	multiemployer	LA	17,455	44.1%	$488.1M	D
34	Indianapolis Municipal Employees Retirement System City of Indianapolis	public	IN	22,299	44.1%	$2.3B	C
35	Roofers Local 666 Pension Trust Roofers Local 666	multiemployer	AK	17,308	44.4%	$601.7M	D
36	Irving Municipal Employees Retirement System City of Irving	public	TX	13,827	44.5%	$2.3B	D
37	Austin Municipal Employees Retirement System City of Austin	public	TX	28,360	44.8%	$2.5B	C
38	UFCW International Union Industry Pension Fund UFCW International	multiemployer	DC	42,280	44.9%	$2.7B	D
39	Miami Municipal Employees Retirement System City of Miami	public	FL	32,282	45.1%	$3.6B	C
40	State Universities Retirement System of Illinois State of Illinois	public	IL	218,679	45.2%	$25.3B	C
41	Orlando Police Pension Fund City of Orlando	public	FL	5,499	45.3%	$1.7B	C
42	Boston Municipal Employees Retirement System City of Boston	public	MA	36,822	45.3%	$4.0B	F
43	Newark Municipal Employees Retirement System City of Newark	public	NJ	30,582	45.3%	$5.9B	C
44	Plumbers Local 112 Pension Trust Plumbers Local 112	multiemployer	LA	13,253	45.3%	$1.1B	C
45	Roofers Local 364 Pension Trust Roofers Local 364	multiemployer	ID	3,710	45.5%	$1.3B	F
46	Operating Engineers Local 429 Pension Trust Operating Engineers Local 429	multiemployer	NM	7,644	45.7%	$1.8B	C
47	Painters Local 395 Pension Trust Painters Local 395	multiemployer	NY	10,792	45.7%	$2.3B	C
48	Little Rock Fire & Rescue Pension Fund City of Little Rock	public	AR	6,075	46.0%	$603.3M	F
49	Corpus Christi Police Pension Fund City of Corpus Christi	public	TX	5,684	46.5%	$979.4M	D
50	Little Rock Police Pension Fund City of Little Rock	public	AR	5,063	46.5%	$952.9M	C
51	Painters Local 242 Pension Trust Painters Local 242	multiemployer	NE	11,374	46.6%	$186.4M	D
52	Omaha Police Pension Fund City of Omaha	public	NE	8,845	46.6%	$1.2B	C
53	Illinois Teachers Retirement System State of Illinois	public	IL	413,153	47.0%	$71.6B	C
54	Wichita Municipal Employees Retirement System City of Wichita	public	KS	11,043	47.1%	$1.5B	D
55	Albuquerque Municipal Employees Retirement System City of Albuquerque	public	NM	9,016	47.2%	$2.4B	D
56	Louisville Police Pension Fund City of Louisville	public	KY	11,014	47.3%	$888.4M	C
57	Roofers Local 101 Pension Trust Roofers Local 101	multiemployer	CO	17,599	47.4%	$2.2B	D
58	Steelworkers Local 966 Pension Trust Steelworkers Local 966	multiemployer	CA	8,201	47.6%	$670.2M	D
59	Riverside Municipal Employees Retirement System City of Riverside	public	CA	15,238	48.1%	$3.8B	D
60	Plano Municipal Employees Retirement System City of Plano	public	TX	15,515	48.5%	$767.7M	C
61	Winston-Salem Police Pension Fund City of Winston-Salem	public	NC	11,205	48.5%	$480.6M	D
62	Philadelphia Municipal Retirement System City of Philadelphia	public	PA	64,812	48.8%	$5.2B	D
63	Teamsters Local 866 Pension Trust Teamsters Local 866	multiemployer	KS	5,771	48.8%	$1.8B	D
64	Raleigh Municipal Employees Retirement System City of Raleigh	public	NC	39,303	48.9%	$1.8B	D
65	Fresno Municipal Employees Retirement System City of Fresno	public	CA	21,519	49.0%	$1.5B	C
66	Miami Police Pension Fund City of Miami	public	FL	10,693	49.2%	$263.7M	C
67	Oklahoma City Fire & Rescue Pension Fund City of Oklahoma City	public	OK	6,676	50.0%	$859.4M	D
68	Stockton Police Pension Fund City of Stockton	public	CA	6,869	50.1%	$215.7M	C
69	Fresno Fire & Rescue Pension Fund City of Fresno	public	CA	9,197	50.2%	$890.0M	C
70	SEIU National Industry Pension Fund Service Employees International Union	multiemployer	DC	109,719	50.3%	$3.9B	D
71	Las Vegas Fire & Rescue Pension Fund City of Las Vegas	public	NV	4,381	50.4%	$1.0B	D
72	Corpus Christi Fire & Rescue Pension Fund City of Corpus Christi	public	TX	6,476	50.4%	$830.3M	D
73	IBEW Local 702 Pension Trust IBEW Local 702	multiemployer	VT	10,017	50.6%	$653.6M	C
74	Kentucky Teachers Retirement System State of Kentucky	public	KY	151,298	50.7%	$21.0B	C
75	Raleigh Police Pension Fund City of Raleigh	public	NC	9,015	50.9%	$1.4B	D
76	United Mine Workers of America Health & Retirement Fund UMWA	multiemployer	DC	85,806	51.0%	$4.1B	D
77	Plumbers Local 116 Pension Trust Plumbers Local 116	multiemployer	NC	13,802	51.6%	$1.6B	D
78	Vermont State Teachers Retirement System State of Vermont	public	VT	28,131	51.7%	$2.6B	C
79	Carpenters Local 590 Pension Trust Carpenters Local 590	multiemployer	SD	7,174	52.0%	$1.5B	D
80	Dayton Fire & Rescue Pension Fund City of Dayton	public	OH	9,411	52.1%	$265.7M	D
81	Connecticut Teachers Retirement System State of Connecticut	public	CT	85,401	52.2%	$18.3B	D
82	Iron Workers Local 16 Pension Fund Iron Workers Local 16	multiemployer	MD	6,538	52.3%	$306.2M	C
83	Winston-Salem Municipal Employees Retirement System City of Winston-Salem	public	NC	13,009	52.6%	$2.9B	C
84	Machinists Local 677 Pension Trust Machinists Local 677	multiemployer	LA	15,576	52.7%	$1.5B	D
85	Chandler Police Pension Fund City of Chandler	public	AZ	9,451	52.8%	$359.2M	C
86	Akron Fire & Rescue Pension Fund City of Akron	public	OH	8,754	52.8%	$801.9M	D
87	Operating Engineers Local 218 Pension Trust Operating Engineers Local 218	multiemployer	VT	18,973	53.0%	$1.2B	D
88	Massachusetts Teachers Retirement System State of Massachusetts	public	MA	96,460	53.1%	$22.8B	D
89	Indianapolis Fire & Rescue Pension Fund City of Indianapolis	public	IN	7,348	53.2%	$440.7M	C
90	Seattle Fire & Rescue Pension Fund City of Seattle	public	WA	8,961	53.4%	$135.4M	D
91	South Carolina Retirement Systems State of South Carolina	public	SC	595,738	53.7%	$33.7B	F
92	Kansas City Municipal Employees Retirement System City of Kansas City	public	MO	26,694	53.7%	$1.9B	D
93	New Jersey Public Employees Retirement System State of New Jersey	public	NJ	444,839	53.8%	$32.0B	C
94	Akron Police Pension Fund City of Akron	public	OH	4,175	54.2%	$1.0B	C
95	Garland Fire & Rescue Pension Fund City of Garland	public	TX	9,366	54.2%	$582.9M	C
96	Lexington Police Pension Fund City of Lexington	public	KY	10,030	54.7%	$819.8M	C
97	Painters Local 604 Pension Trust Painters Local 604	multiemployer	NY	14,411	54.9%	$1.1B	C
98	IBEW Local 331 Pension Trust IBEW Local 331	multiemployer	OK	6,947	55.0%	$1.4B	D
99	United Airlines Pilots Defined Benefit Plan United Airlines	corporate	IL	16,661	55.1%	$3.3B	C
100	IBEW Local 433 Pension Trust IBEW Local 433	multiemployer	AZ	3,344	55.3%	$777.4M	D