Illustration by Tim Boelaars | Design and development by Elizabeth Davis & Gennady Kolker
Top Defined Contribution
(Assets in millions)
| # | Name | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 1 | Federal Retirement Thrift | $782,835 | $689,858 | $774,176 |
| 2 | Boeing | $68,220 | $59,998 | $74,744 |
| 3 | IBM | $53,022 | $50,168 | $63,466 |
| 4 | Lockheed Martin | $51,399 | $47,283 | $49,575 |
| 5 | Bank of America | $48,855 | $43,921 | $54,628 |
| 6 | RTX | $48,279 | $45,004 | $53,835 |
| 7 | Wells Fargo | $45,766 | $45,818 | $52,994 |
| 8 | AT&T | $44,892 | $45,874 | $61,353 |
| 9 | Microsoft | $42,572 | $39,002 | $41,706 |
| 10 | Walmart | $39,598 | $31,349 | $38,204 |
Top Defined Benefit
(Assets in millions)
| # | Name | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 1 | California Public Employees | $450,289 | $430,364 | $494,539 |
| 2 | California State Teachers | $307,868 | $288,640 | $312,150 |
| 3 | New York City Retirement | $247,999 | $228,170 | $266,702 |
| 4 | New York State Common | $246,307 | $233,227 | $267,756 |
| 5 | Texas Teachers | $181,656 | $173,277 | $196,727 |
| 6 | Florida State Board | $180,466 | $170,860 | $199,041 |
| 7 | Washington State Board | $140,495 | $130,753 | $134,977 |
| 8 | New York State Teachers | $130,783 | $123,196 | $144,396 |
| 9 | Wisconsin Investment Board | $124,565 | $117,182 | $140,923 |
| 10 | North Carolina | $111,796 | $105,739 | $121,336 |
Change in assets by category
Assets in billions for years ended Sept. 30.
New Mexico PERA leaning on private assets in transformational change
In 18 months, New Mexico PERA has increased the portfolio's exposure to private assets, eliminating a slew of asset classes to increase return, but not risk.
New Mexico Public Employees Retirement Association - 2018 allocation
New Mexico Public Employees Retirement Association - 2023 allocation
Outgoing CalSTRS' CIO Ailman opens up on allure of private credit and evolution of the CIO role
CalSTRS CIO Christopher Ailman weighed in on his upcoming retirement, market risks and retirement security in a wide-ranging Face to Face interview.
Get the Data Powering the P&I 1,000
Need a deeper dive? Explore your options below:
Research Center
This customizable, easy-to-use analytical tool provides detailed profiles and data on pension funds, money managers, investment consultants and defined contribution record keepers.
Data APIs
Need historical trends, detailed data points or current contact information? Put the full power of P&I's data to work for you and your team with an API integration directly into your CRM and analytical systems.
CIO Jase Auby on why Texas Teachers isn't invested in private credit
As the Texas Teacher Retirement System undergoes a strategic asset reallocation, Jase Auby talked about its hedge fund portfolio and investing in oil and gas when others are divesting.
Average asset mix of top 200 DB plans
Target-date funds: prevalent but not always loved
While almost all employers offer target-date funds, often as the default investment, the percentage of assets that workers invest in them varies widely.
Growth in target-date strategy assets
Investors upping big bets on private credit, counting on income, return and diversification
Private credit grew nearly 30% in the year, but growth is expected to slow, should current bond yields hold.
Growth in private credit assets
For some pension funds, active investing is once again attractive
Passive investing may dominate the financial markets, but some large U.S. pension funds are bucking the trend by increasing their exposure to actively managed products.
Defined benefit plans’ active vs. passive U.S. equity
Plan sponsors seek out external cybersecurity firms for identifying, addressing risks
As cybersecurity gains importance in the retirement space, some larger plans are turning toward external vendors for help.
Infrastructure portfolios soar while real estate stumbles
Real estate equity assets remain flat while infrastructure soars in the latest survey of the 200 largest U.S. retirement plans.
Growth in alternative asset classes
Diversity kept in mind, but not a priority, among pension plans in manager hires
Among the largest retirement plans, some are putting an emphasis on diversity when hiring managers, whether through written policies, formalized programs or just in mind.
Delta, Amazon reps tout benefits of emergency savings accounts
Two of the nation's largest companies have had early success in offering employees emergency savings accounts and see no signs of a slowdown.
Top 200 DC plans asset mix over time
How P&I compiled the data for top 1,000 retirement plans
Pensions & Investments gathered information for this report, published annually since 1974, in three steps.
