State Pension System Rankings
Interactive analysis of state pension system performance across five key metrics.
Interactive State Rankings Map
Click on any state to view detailed pension system analysis and grades. States are color-coded by their 2024 funded ratio.
State Pension System Rankings by Key Metrics
Detailed rankings across five critical pension system performance indicators.
Understanding the Rankings
Table 1: State Pension Rankings by Funded Status
This table ranks states based on their current funded status, measured by the difference between their market value of assets and accrued liabilities. The higher the funded ratio, the healthier and more secure a pension system is.
Table 2: State Pension Rankings by Investment Performance (2001-2024)
This table ranks states based on their long-term investment performance, measured by the difference between their 2001-2024 average return and their 2024 assumed rate of return (ARR). A positive surplus indicates that average returns exceeded the state's current benchmark.
Table 3: State Pension Rankings by Contribution Rate Adequacy
This table ranks states based on their "Benchmark 20" rate, which is the calculated contribution amount needed to pay off unfunded liabilities over 20 years. A lower benchmark rate indicates a smaller underfunding problem, resulting in a higher ranking.
Table 4: State Pension Rankings by Asset Allocation Risk
This table ranks states based on the risk profile of their investment portfolios. The ranking is determined by the total percentage of assets allocated to higher-risk alternative investments, including real estate, hedge funds, private equity, commodities, and other alternatives. A higher rank indicates a more conservative, lower-risk strategy, while a lower rank signifies a higher-risk portfolio.
Table 5: State Pension Rankings by Probability of Hitting Assumed Return
This table ranks states based on the forecasted probability that their pension systems will meet or exceed their assumed rates of return over a 20-year period. A higher rank indicates a greater likelihood of achieving investment targets.
Table 1: State Pension Rankings by Funded Status
| Rank | State | UAL (Billions) | Funded Ratio |
|---|---|---|---|
| 1 | Tennessee | $-2.9B | 104% |
| 2 | Washington | $-4.5B | 103% |
| 3 | South Dakota | $0B | 100% |
| 4 | Utah | $2.6B | 95% |
| 5 | Wisconsin | $8.6B | 94% |
| 6 | New York | $44.8B | 94% |
| 7 | Nebraska | $1.7B | 93% |
| 8 | Iowa | $4.3B | 92% |
| 9 | West Virginia | $1.8B | 91% |
| 10 | Maine | $2.6B | 88% |
| 11 | Delaware | $1.9B | 88% |
| 12 | Minnesota | $13B | 88% |
| 13 | North Carolina | $20.2B | 86% |
| 14 | Idaho | $3.7B | 86% |
| 15 | Oklahoma | $7.9B | 85% |
| 16 | Wyoming | $2B | 85% |
| 17 | Arkansas | $7.4B | 84% |
| 18 | Virginia | $24.5B | 84% |
| 19 | Florida | $43.9B | 82% |
| 20 | California | $264.7B | 82% |
| 21 | Missouri | $20.8B | 81% |
| 22 | Texas | $91.1B | 80% |
| 23 | Georgia | $33.1B | 80% |
| 24 | Oregon | $22.4B | 79% |
| 25 | Ohio | $60.4B | 79% |
| 26 | Indiana | $11.6B | 79% |
| 27 | Nevada | $18.1B | 78% |
| 28 | Louisiana | $18.3B | 77% |
| 29 | Michigan | $35.6B | 75% |
| 30 | Montana | $4.7B | 75% |
| 31 | Arizona | $27.3B | 74% |
| 32 | Maryland | $30.5B | 73% |
| 33 | Kansas | $11.4B | 72% |
| 34 | Alaska | $7.4B | 71% |
| 35 | North Dakota | $3.3B | 70% |
| 36 | Alabama | $21.7B | 70% |
| 37 | Colorado | $29.8B | 70% |
| 38 | New Hampshire | $5.7B | 69% |
| 39 | Vermont | $3.4B | 67% |
| 40 | Massachusetts | $44.1B | 66% |
| 41 | Pennsylvania | $66.6B | 66% |
| 42 | New Mexico | $18.4B | 66% |
| 43 | Rhode Island | $6.1B | 65% |
| 44 | Hawaii | $14.1B | 63% |
| 45 | South Carolina | $27.7B | 62% |
| 46 | Connecticut | $37.3B | 60% |
| 47 | Mississippi | $26.6B | 56% |
| 48 | New Jersey | $92B | 55% |
| 49 | Kentucky | $39.6B | 54% |
| 50 | Illinois | $200.9B | 52% |
Table 2: State Pension Rankings by Investment Performance (2001-2024)
| Rank | State | Avg Return (2001-2024) | ARR | Return Surplus/Deficit |
|---|---|---|---|---|
| 1 | Kansas | 8.54% | 7.01% | +1.53% |
| 2 | Michigan | 6.79% | 6.13% | +0.66% |
| 3 | Washington | 7.56% | 6.99% | +0.56% |
| 4 | South Dakota | 6.95% | 6.53% | +0.42% |
| 5 | New York | 6.51% | 6.55% | -0.04% |
| 6 | Minnesota | 6.94% | 7% | -0.06% |
| 7 | Pennsylvania | 6.91% | 6.98% | -0.06% |
| 8 | Idaho | 6.2% | 6.3% | -0.1% |
| 9 | Ohio | 6.85% | 7% | -0.15% |
| 10 | Nevada | 7.07% | 7.25% | -0.18% |
| 11 | New Hampshire | 6.55% | 6.75% | -0.2% |
| 12 | West Virginia | 7.05% | 7.25% | -0.2% |
| 13 | Illinois | 6.69% | 6.93% | -0.24% |
| 14 | Florida | 6.45% | 6.7% | -0.25% |
| 15 | Iowa | 6.78% | 7.03% | -0.26% |
| 16 | Oregon | 6.59% | 6.89% | -0.3% |
| 17 | Colorado | 6.9% | 7.24% | -0.34% |
| 18 | Virginia | 6.4% | 6.76% | -0.36% |
| 19 | Texas | 6.67% | 7.04% | -0.37% |
| 20 | Nebraska | 6.66% | 7.03% | -0.37% |
| 21 | Oklahoma | 6.57% | 6.95% | -0.38% |
| 22 | Wyoming | 6.41% | 6.8% | -0.39% |
| 23 | Kentucky | 6.25% | 6.69% | -0.44% |
| 24 | Delaware | 6.55% | 7% | -0.45% |
| 25 | Arkansas | 6.69% | 7.17% | -0.49% |
| 26 | Massachusetts | 6.41% | 6.99% | -0.58% |
| 27 | Missouri | 6.58% | 7.17% | -0.59% |
| 28 | North Carolina | 5.91% | 6.5% | -0.6% |
| 29 | Georgia | 6.29% | 6.91% | -0.61% |
| 30 | Vermont | 6.37% | 7% | -0.63% |
| 31 | Mississippi | 6.34% | 7% | -0.66% |
| 32 | Tennessee | 6.31% | 6.99% | -0.67% |
| 33 | Maine | 6.02% | 6.7% | -0.68% |
| 34 | Wisconsin | 6.12% | 6.8% | -0.68% |
| 35 | California | 6.22% | 6.92% | -0.7% |
| 36 | Louisiana | 6.32% | 7.08% | -0.75% |
| 37 | New Jersey | 6.22% | 7% | -0.78% |
| 38 | South Carolina | 6.15% | 7% | -0.85% |
| 39 | North Dakota | 5.96% | 6.84% | -0.88% |
| 40 | Hawaii | 6.05% | 7% | -0.95% |
| 41 | Alabama | 6.39% | 7.45% | -1.06% |
| 42 | Rhode Island | 5.89% | 7% | -1.11% |
| 43 | Arizona | 5.93% | 7.05% | -1.12% |
| 44 | Connecticut | 5.78% | 6.9% | -1.12% |
| 45 | Montana | 6.17% | 7.3% | -1.13% |
| 46 | Indiana | 4.93% | 6.25% | -1.32% |
| 47 | New Mexico | 5.79% | 7.12% | -1.34% |
| 48 | Alaska | 5.81% | 7.25% | -1.44% |
| 49 | Maryland | 5.39% | 6.85% | -1.46% |
| N/A | Utah | N/A | N/A | N/A |
Table 3: State Pension Rankings by Contribution Rate Adequacy
| Rank | State | Employer Rate | Benchmark Rate | Contribution Rate Difference |
|---|---|---|---|---|
| 1 | Louisiana | 31.8% | 18.4% | +13.4% |
| 2 | West Virginia | 16.9% | 4.6% | +12.3% |
| 3 | Maine | 11.8% | 1.3% | +10.4% |
| 4 | Connecticut | 43% | 32.9% | +10.1% |
| 5 | Michigan | 34.2% | 24.5% | +9.7% |
| 6 | Oklahoma | 20.8% | 11.6% | +9.2% |
| 7 | New Jersey | 33.6% | 26.2% | +7.4% |
| 8 | North Carolina | 16.2% | 9% | +7.2% |
| 9 | Indiana | 17.9% | 10.7% | +7.2% |
| 10 | California | 32.4% | 25.4% | +7.1% |
| 11 | Rhode Island | 27.7% | 20.7% | +7% |
| 12 | South Carolina | 23.6% | 17.6% | +6.1% |
| 13 | Massachusetts | 23.7% | 18% | +5.8% |
| 14 | Nebraska | 10.5% | 4.9% | +5.6% |
| 15 | Vermont | 21.6% | 16.5% | +5.2% |
| 16 | Colorado | 22% | 17% | +4.9% |
| 17 | Ohio | 14.3% | 10% | +4.3% |
| 18 | New Hampshire | 18.4% | 14.2% | +4.2% |
| 19 | Georgia | 24.1% | 20.2% | +3.9% |
| 20 | Missouri | 17.6% | 14.5% | +3.1% |
| 21 | Alaska | 59.7% | 56.6% | +3.1% |
| 22 | Virginia | 14.9% | 12% | +2.8% |
| 23 | Tennessee | 14.3% | 11.6% | +2.8% |
| 24 | New York | 19.7% | 17.2% | +2.5% |
| 25 | Minnesota | 11.7% | 9.4% | +2.3% |
| 26 | Washington | 10% | 7.8% | +2.2% |
| 27 | South Dakota | 6.6% | 4.5% | +2.1% |
| 28 | Kansas | 12.7% | 10.7% | +2% |
| 29 | Iowa | 9.9% | 8.2% | +1.7% |
| 30 | Maryland | 15.8% | 14.3% | +1.5% |
| 31 | Arizona | 17.3% | 15.9% | +1.5% |
| 32 | Florida | 12.9% | 11.7% | +1.2% |
| 33 | Montana | 15.2% | 14% | +1.2% |
| 34 | Delaware | 13% | 11.9% | +1.1% |
| 35 | Arkansas | 16.6% | 15.8% | +0.7% |
| 36 | Pennsylvania | 24% | 23.4% | +0.5% |
| 37 | Kentucky | 35.6% | 35.4% | +0.3% |
| 38 | Texas | 12.1% | 11.8% | +0.2% |
| 39 | Nevada | 20% | 19.7% | +0.2% |
| 40 | Wisconsin | 34.8% | 35.7% | -0.9% |
| 41 | Wyoming | 9.9% | 10.9% | -0.9% |
| 42 | Idaho | 12.1% | 13.5% | -1.4% |
| 43 | North Dakota | 10.1% | 12.3% | -2.3% |
| 44 | Alabama | 13% | 15.8% | -2.8% |
| 45 | New Mexico | 18.8% | 21.7% | -2.9% |
| 46 | Illinois | 39.1% | 42.6% | -3.5% |
| 47 | Oregon | 17.3% | 21% | -3.7% |
| 48 | Mississippi | 20.1% | 28.4% | -8.3% |
| N/A | Hawaii | N/A | N/A | N/A |
| N/A | Utah | N/A | N/A | N/A |
Table 4: State Pension Rankings by Asset Allocation Risk
| Rank | State | Alt Assets % |
|---|---|---|
| 1 | Georgia | 1% |
| 2 | Alabama | 9% |
| 3 | Oklahoma | 11% |
| 4 | Nevada | 12% |
| 5 | Nebraska | 14% |
| 6 | Kansas | 14% |
| 7 | Idaho | 15% |
| 8 | Delaware | 16% |
| 9 | North Carolina | 18% |
| 10 | Mississippi | 20% |
| 11 | South Dakota | 24% |
| 12 | Illinois | 24% |
| 13 | Minnesota | 25% |
| 14 | Colorado | 26% |
| 15 | New York | 27% |
| 16 | North Dakota | 27% |
| 17 | Wisconsin | 27% |
| 18 | New Jersey | 28% |
| 19 | New Hampshire | 29% |
| 20 | Arkansas | 29% |
| 21 | Connecticut | 29% |
| 22 | Florida | 30% |
| 23 | Kentucky | 30% |
| 24 | Ohio | 30% |
| 25 | Vermont | 32% |
| 26 | Montana | 35% |
| 27 | Louisiana | 35% |
| 28 | Pennsylvania | 35% |
| 29 | Rhode Island | 36% |
| 30 | Missouri | 37% |
| 31 | Alaska | 37% |
| 32 | California | 37% |
| 33 | Iowa | 37% |
| 34 | West Virginia | 37% |
| 35 | Massachusetts | 37% |
| 36 | New Mexico | 40% |
| 37 | Tennessee | 43% |
| 38 | South Carolina | 43% |
| 39 | Wyoming | 45% |
| 40 | Michigan | 46% |
| 41 | Virginia | 48% |
| 42 | Texas | 49% |
| 43 | Maryland | 50% |
| 44 | Arizona | 50% |
| 45 | Indiana | 55% |
| 46 | Washington | 55% |
| 47 | Oregon | 58% |
| 48 | Maine | 58% |
| 49 | Hawaii | 60% |
| N/A | Utah | N/A |
Table 5: State Pension Rankings by Probability of Hitting Assumed Return
| Rank | State | ARR Probability |
|---|---|---|
| 1 | Michigan | 68% |
| 2 | Idaho | 63% |
| 3 | Maine | 63% |
| 4 | Virginia | 63% |
| 5 | Maryland | 63% |
| 6 | Arizona | 62% |
| 7 | Indiana | 62% |
| 8 | Connecticut | 61% |
| 9 | New York | 61% |
| 10 | Kentucky | 61% |
| 11 | North Dakota | 60% |
| 12 | Washington | 60% |
| 13 | Tennessee | 59% |
| 14 | Wisconsin | 59% |
| 15 | New Jersey | 58% |
| 16 | Oregon | 58% |
| 17 | Florida | 58% |
| 18 | Massachusetts | 58% |
| 19 | Delaware | 57% |
| 20 | Vermont | 57% |
| 21 | Iowa | 57% |
| 22 | Rhode Island | 56% |
| 23 | Texas | 56% |
| 24 | Utah | 56% |
| 25 | California | 55% |
| 26 | Illinois | 55% |
| 27 | Pennsylvania | 55% |
| 28 | New Mexico | 54% |
| 29 | Missouri | 54% |
| 30 | Oklahoma | 54% |
| 31 | Minnesota | 53% |
| 32 | South Dakota | 53% |
| 33 | Ohio | 53% |
| 34 | South Carolina | 53% |
| 35 | West Virginia | 53% |
| 36 | Mississippi | 52% |
| 37 | New Hampshire | 52% |
| 38 | North Carolina | 51% |
| 39 | Arkansas | 51% |
| 40 | Montana | 51% |
| 41 | Nebraska | 51% |
| 42 | Alaska | 51% |
| 43 | Colorado | 48% |
| 44 | Kansas | 48% |
| 45 | Georgia | 48% |
| 46 | Louisiana | 44% |
| 47 | Alabama | 44% |
| 48 | Nevada | 43% |
| N/A | Hawaii | N/A |
| N/A | Wyoming | N/A |