The largest corporate pension plans ranked by funding ratio — plan assets as a percentage of projected benefit obligation — as of Dec. 31, 2018, unless otherwise noted. Dollars are in millions.
| Rank | Plan sponsor | Fair value of plan assets |
Benefit obligation |
Funded status |
Funding ratio |
Employer contri- bution |
Actual return on plan assets |
% return on plan assets |
Benefits paid |
Discount rate |
Expected long-term return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | NextEra Energy | $3,806 | $2,522 | $1,284 | 150.9% | $0 | -$69 | -1.81% | $160 | 4.26% | 7.35% |
| 2 | Bank of America | $18,178 | $14,144 | $4,034 | 128.5% | $0 | -$550 | -3.03% | $980 | 4.32% | 6.00% |
| 3 | BB&T | $5,968 | $4,697 | $1,271 | 127.1% | $169 | -$397 | -6.65% | $113 | 4.43% | 7.00% |
| 4 | BNY Mellon | $5,040 | $4,123 | $917 | 122.2% | $33 | -$257 | -5.10% | $232 | 3.97% | 6.63% |
| 5 | SunTrust Banks | $2,885 | $2,468 | $417 | 116.9% | $8 | -$100 | -3.47% | $178 | 4.27% | 5.90% |
| 6 | J.P. Morgan Chase | $18,052 | $15,512 | $2,540 | 116.4% | $75 | -$548 | -3.04% | $873 | 4.30% | 5.50% |
| 7 | PNC Financial Services Group | $4,963 | $4,355 | $608 | 114.0% | $200 | -$193 | -3.89% | $297 | 4.30% | 6.00% |
| 8 | Travelers Cos. | $3,771 | $3,444 | $327 | 109.5% | $200 | -$179 | -4.75% | $207 | 4.39% | 7.00% |
| 9 | Emerson Electric1 | $4,233 | $3,957 | $276 | 107.0% | $20 | $265 | 6.26% | $205 | 3.50% | 7.50% |
| 10 | Honeywell International | $17,109 | $16,141 | $968 | 106.0% | $34 | -$303 | -1.77% | $1,137 | 4.35% | 7.75% |
| 11 | Duke Energy | $8,233 | $7,869 | $364 | 104.6% | $141 | -$344 | -4.18% | $567 | 4.30% | 6.50% |
| 12 | Deere2 | $12,602 | $12,108 | $494 | 104.1% | $938 | $316 | 2.51% | $711 | 4.10% | 5.70% |
| 13 | WestRock1 | $3,921 | $3,784 | $138 | 103.6% | $14 | -$25 | -0.64% | $175 | 4.50% | 6.50% |
| 14 | Bristol-Myers Squibb | $6,129 | $5,966 | $163 | 102.7% | $71 | -$203 | -3.31% | $123 | 3.50% | 6.20% |
| 15 | Eastman Kodak | $3,445 | $3,405 | $40 | 101.2% | $0 | $55 | 1.60% | $414 | 4.04% | 6.40% |
| 16 | IBM | $48,213 | $47,812 | $401 | 100.8% | $0 | -$997 | -2.07% | $3,484 | 4.10% | 5.25% |
| 17 | Macy's3 | $3,018 | $3,011 | $7 | 100.2% | $0 | -$44 | -1.46% | $347 | 4.03% | 6.75% |
| 18 | Target3 | $3,925 | $3,928 | -$3 | 99.9% | $109 | -$66 | -1.68% | $241 | 4.28% | 6.30% |
| 19 | Conagra Brands4 | $3,355 | $3,424 | -$69 | 98.0% | $313 | $276 | 8.23% | $181 | 4.14% | 7.50% |
| 20 | American Electric Power | $4,696 | $4,810 | -$114 | 97.6% | $11 | -$105 | -2.23% | $385 | 4.30% | 6.00% |
| 21 | FedEx5 | $22,057 | $22,653 | -$596 | 97.4% | $2,547 | $1,609 | 7.29% | $854 | 4.27% | 6.50% |
| 22 | Prudential Financial | $12,807 | $13,185 | -$378 | 97.1% | $219 | -$224 | -1.75% | $797 | 4.30% | 6.25% |
| 23 | CVS Health | $5,663 | $5,841 | -$178 | 97.0% | $12 | -$17 | -0.30% | $41 | 4.00% | 6.60% |
| 24 | Charter Communications | $2,943 | $3,041 | -$98 | 96.8% | $6 | -$118 | -4.01% | $49 | 4.37% | 5.75% |
| 25 | General Mills6 | $6,177 | $6,416 | -$239 | 96.3% | $42 | $497 | 8.04% | $298 | 4.20% | 7.88% |
| 26 | Ford Motor | $39,774 | $42,269 | -$2,495 | 94.1% | $140 | -$1,627 | -4.09% | $2,880 | 4.29% | 6.75% |
| 27 | Abbott Laboratories | $8,553 | $9,093 | -$540 | 94.1% | $114 | -$450 | -5.26% | $295 | 4.00% | 7.70% |
| 28 | Goodyear Tire & Rubber | $4,445 | $4,734 | -$289 | 93.9% | $0 | -$110 | -2.47% | $418 | 4.24% | 4.58% |
| 29 | Weyerhaeuser | $4,930 | $5,263 | -$333 | 93.7% | $345 | $123 | 2.49% | $1,024 | 4.40% | 8.00% |
| 30 | Wells Fargo | $9,477 | $10,129 | -$652 | 93.6% | $10 | -$478 | -5.04% | $719 | 4.30% | 6.24% |
| 31 | United Technologies | $35,253 | $37,795 | -$2,542 | 93.3% | $238 | -$1,667 | -4.73% | $1,932 | 4.00% | 6.80% |
| 32 | AT&T | $51,681 | $55,439 | -$3,758 | 93.2% | $9,307 | -$1,044 | -2.02% | $4,632 | 4.50% | 7.00% |
| 33 | Consolidated Edison Co. of New York | $13,450 | $14,449 | -$999 | 93.1% | $473 | -$536 | -3.99% | $715 | 4.25% | 7.50% |
| 34 | Union Pacific | $3,887 | $4,181 | -$294 | 93.0% | $29 | -$139 | -3.58% | $227 | 4.23% | 7.00% |
| 35 | 3M | $14,803 | $15,948 | -$1,145 | 92.8% | $254 | -$95 | -0.64% | $1,034 | 4.36% | 7.25% |
| 36 | Coca-Cola | $7,409 | $8,004 | -$595 | 92.6% | $107 | -$271 | -3.66% | $285 | 4.00% | 8.00% |
| 37 | Altria Group | $7,138 | $7,726 | -$588 | 92.4% | $41 | -$430 | -6.02% | $488 | 4.40% | 7.80% |
| 38 | General Motors | $56,102 | $61,190 | -$5,088 | 91.7% | $76 | -$1,419 | -2.53% | $4,898 | 4.22% | 6.61% |
| 39 | Kellogg | $4,677 | $5,117 | -$440 | 91.4% | $270 | -$299 | -6.39% | $236 | 3.90% | 7.40% |
| 40 | Southern California Edison | $3,124 | $3,431 | -$307 | 91.1% | $52 | -$86 | -2.75% | $232 | 4.19% | 6.50% |
| 41 | Verizon Communications | $17,816 | $19,567 | -$1,751 | 91.1% | $1,066 | -$494 | -2.77% | $1,475 | 4.40% | 7.00% |
| 42 | Southern Co. | $11,611 | $12,763 | -$1,152 | 91.0% | $55 | -$711 | -6.12% | $618 | 4.49% | 7.95% |
| 43 | Rockwell Collins1 | $3,552 | $3,908 | -$356 | 90.9% | $467 | $120 | 3.38% | $219 | 4.02% | 8.00% |
| 44 | Merck | $9,648 | $10,620 | -$972 | 90.8% | $378 | -$810 | -8.40% | $772 | 4.40% | 8.20% |
| 45 | Citigroup | $11,490 | $12,655 | -$1,165 | 90.8% | $55 | -$445 | -3.87% | $845 | 4.25% | 6.70% |
| 46 | Sysco7 | $3,666 | $4,043 | -$377 | 90.7% | $409 | $196 | 5.35% | $280 | 4.28% | 7.00% |
| 47 | Textron | $7,122 | $7,901 | -$779 | 90.1% | $39 | -$335 | -4.70% | $422 | 4.24% | 7.58% |
| 48 | Chubb | $2,784 | $3,092 | -$308 | 90.0% | $34 | -$218 | -7.83% | $108 | 4.20% | 7.00% |
| 49 | HP8 | $10,018 | $11,167 | -$1,149 | 89.7% | $33 | -$267 | -2.67% | $575 | 4.50% | 6.90% |
| 50 | U.S. Bancorp | $4,936 | $5,507 | -$571 | 89.6% | $24 | -$365 | -7.39% | $155 | 4.45% | 7.25% |
| 51 | PepsiCo | $12,258 | $13,807 | -$1,549 | 88.8% | $1,495 | -$789 | -6.44% | $956 | 4.40% | 7.20% |
| 52 | Harris9 | $5,098 | $5,774 | -$676 | 88.3% | $303 | $307 | 6.02% | $402 | 4.05% | 7.66% |
| 53 | United States Steel | $4,960 | $5,626 | -$666 | 88.2% | $0 | -$228 | -4.60% | $544 | 4.41% | 6.85% |
| 54 | PG&E | $15,312 | $17,407 | -$2,095 | 88.0% | $334 | -$923 | -6.03% | $751 | 4.35% | 6.00% |
| 55 | Huntington Ingalls Industries | $5,726 | $6,519 | -$793 | 87.8% | $516 | -$398 | -6.95% | $235 | 3.85% | 7.25% |
| 56 | Walt Disney10 | $12,728 | $14,500 | -$1,772 | 87.8% | $335 | $579 | 4.55% | $467 | 4.31% | 7.50% |
| 57 | Schlumberger | $3,748 | $4,278 | -$530 | 87.6% | $4 | -$112 | -2.99% | $202 | 4.30% | 7.25% |
| 58 | Cigna | $4,151 | $4,741 | -$590 | 87.6% | $3 | $85 | 2.05% | $314 | 4.23% | 7.00% |
| 59 | Ameren | $3,899 | $4,459 | -$560 | 87.4% | $60 | -$218 | -5.59% | $236 | 4.25% | 7.00% |
| 60 | United Parcel Service | $39,554 | $45,333 | -$5,779 | 87.3% | $19 | -$1,007 | -2.55% | $1,390 | 4.50% | 7.75% |
| 61 | CenturyLink | $10,033 | $11,594 | -$1,561 | 86.5% | $500 | -$349 | -3.48% | $1,178 | 4.29% | 6.50% |
| 62 | Public Service Enterprise Group | $5,120 | $5,921 | -$801 | 86.5% | $12 | -$388 | -7.58% | $316 | 4.41% | 7.80% |
| 63 | Pfizer | $13,051 | $15,141 | -$2,090 | 86.2% | $500 | -$796 | -6.10% | $546 | 4.40% | 7.50% |
| 64 | Pinnacle West Capital | $2,733 | $3,191 | -$457 | 85.7% | $50 | -$201 | -7.36% | $172 | 4.34% | 6.05% |
| 65 | Allstate | $5,299 | $6,224 | -$925 | 85.1% | $16 | -$300 | -5.66% | $646 | 4.31% | 7.32% |
| 66 | Baxter International | $4,769 | $5,623 | -$854 | 84.8% | $51 | -$237 | -4.97% | $259 | 4.31% | 6.25% |
| 67 | Johnson & Johnson | $26,818 | $31,670 | -$4,852 | 84.7% | $1,140 | -$1,269 | -4.73% | $1,018 | 3.76% | 8.46% |
| 68 | Dominion Energy | $7,197 | $8,500 | -$1,303 | 84.7% | $6 | -$513 | -7.13% | $358 | 4.42% | 8.75% |
| 69 | MetLife | $8,948 | $10,591 | -$1,643 | 84.5% | $306 | -$423 | -4.73% | $623 | 4.35% | 5.75% |
| 70 | Eaton | $3,068 | $3,633 | -$565 | 84.4% | $17 | -$252 | -8.21% | $282 | 4.28% | 7.52% |
| 71 | American International Group | $3,840 | $4,553 | -$713 | 84.3% | $16 | -$204 | -5.31% | $322 | 4.22% | 6.75% |
| 72 | Northrop Grumman | $27,150 | $32,231 | -$5,081 | 84.2% | $370 | -$1,043 | -3.84% | $1,685 | 4.31% | 8.00% |
| 73 | Hartford Financial Services Group | $3,344 | $4,000 | -$656 | 83.6% | $103 | -$172 | -5.14% | $161 | 4.35% | 6.60% |
| 74 | International Paper | $8,735 | $10,467 | -$1,732 | 83.5% | $29 | -$332 | -3.80% | $677 | 4.30% | 7.50% |
| 75 | DTE Energy | $4,273 | $5,124 | -$851 | 83.4% | $185 | -$233 | -5.45% | $315 | 4.40% | 7.50% |
| 76 | Medtronic11 | $2,661 | $3,202 | -$541 | 83.1% | $215 | $243 | 9.13% | $108 | 4.28% | 7.90% |
| 77 | Eversource Energy | $4,574 | $5,520 | -$946 | 82.9% | $186 | -$75 | -1.64% | $262 | 4.34% | 8.25% |
| 78 | Eli Lilly | $11,064 | $13,662 | -$2,598 | 81.0% | $325 | -$370 | -3.35% | $582 | 3.90% | 7.30% |
| 79 | Exelon | $16,678 | $20,692 | -$4,014 | 80.6% | $337 | -$945 | -5.67% | $1,239 | 4.31% | 7.00% |
| 80 | PPL | $3,109 | $3,883 | -$774 | 80.1% | $153 | -$260 | -8.36% | $272 | 4.35% | 7.25% |
| 81 | Caterpillar | $12,697 | $15,953 | -$3,256 | 79.6% | $1,039 | -$784 | -6.17% | $971 | 4.20% | 6.30% |
| 82 | Xcel Energy | $2,742 | $3,477 | -$735 | 78.9% | $150 | -$142 | -5.18% | $354 | 4.31% | 6.87% |
| 83 | Boeing | $56,102 | $71,424 | -$15,322 | 78.5% | $16 | -$2,585 | -4.61% | $4,557 | 4.20% | 6.80% |
| 84 | DowDuPont | $41,462 | $53,014 | -$11,552 | 78.2% | $2,964 | -$1,524 | -3.68% | $3,223 | 4.36% | 7.08% |
| 85 | Alcoa | $4,610 | $5,997 | -$1,387 | 76.9% | $996 | -$129 | -2.80% | $403 | 4.21% | 6.89% |
| 86 | Raytheon | $19,321 | $25,456 | -$6,135 | 75.9% | $2,139 | -$775 | -4.01% | $2,527 | 4.28% | 7.38% |
| 87 | Motorola Solutions | $3,673 | $4,864 | -$1,191 | 75.5% | $503 | -$339 | -9.23% | $105 | 4.47% | 6.95% |
| 88 | Entergy | $5,497 | $7,405 | -$1,908 | 74.2% | $384 | -$348 | -6.33% | $608 | 4.42% | 7.50% |
| 89 | Lockheed Martin | $32,002 | $43,305 | -$11,303 | 73.9% | $5,000 | -$1,893 | -5.92% | $2,379 | 4.25% | 7.00% |
| 90 | FirstEnergy | $6,984 | $9,462 | -$2,478 | 73.8% | $1,270 | -$363 | -5.20% | $498 | 4.44% | 7.50% |
| 91 | Marsh & McLennan | $4,062 | $5,529 | -$1,467 | 73.5% | $30 | -$330 | -8.12% | $425 | 3.48% | 5.83% |
| 92 | General Dynamics | $11,532 | $15,720 | -$4,188 | 73.4% | $571 | -$749 | -6.49% | $722 | 4.28% | 7.45% |
| 93 | General Electric | $50,009 | $68,500 | -$18,491 | 73.0% | $6,283 | -$2,996 | -5.99% | $3,729 | 4.34% | 6.75% |
| 94 | Chevron | $8,532 | $11,726 | -$3,194 | 72.8% | $803 | -$566 | -6.63% | $1,653 | 4.20% | 6.80% |
| 95 | United Continental Holdings | $3,827 | $5,396 | -$1,569 | 70.9% | $413 | -$215 | -5.62% | $292 | 4.20% | 7.31% |
| 96 | Unisys | $3,113 | $4,558 | -$1,445 | 68.3% | $87 | -$193 | -6.21% | $360 | 4.50% | 6.80% |
| 97 | Delta Air Lines | $13,459 | $19,809 | -$6,350 | 67.9% | $523 | -$700 | -5.20% | $1,093 | 4.33% | 8.97% |
| 98 | Arconic | $4,334 | $6,476 | -$2,142 | 66.9% | $298 | -$144 | -3.32% | $397 | 4.35% | 7.00% |
| 99 | American Airlines Group | $10,053 | $16,378 | -$6,325 | 61.4% | $475 | -$1,151 | -11.45% | $662 | 4.40% | 8.00% |
| 100 | Exxon Mobil | $11,134 | $18,174 | -$7,040 | 61.3% | $491 | -$710 | -6.38% | $1,715 | 4.40% | 6.00% |
| Totals/averages | $1,163,580 | $1,335,095 | -$171,515 | 87.2% | $51,197 | -$41,038 | -3.53% | $81,724 | 4.25% | 7.00% |
Notes: 1 As of Sept. 30, 2018; 2 As of Oct. 28, 2018; 3 As of Feb. 2, 2019; 4 As of July 27, 2018; 5 As of May 31, 2018; 6 As of May 27, 2018; 7 As of June 30, 2018; 8 As of Oct. 31, 2018; 9 As of June 29, 2018; 10 As of Sept. 29, 2018; 11 As of April 27, 2018.
Source: Company reports
