The P&I 1,000

Our annual look at the largest retirement funds

Illustration by Tim Boelaars | Design and development by Elizabeth Davis & Gennady Kolker

U.S. retirement plans recover half of 2022 losses amid no-show recession

Top 1,000 U.S. retirement plan survey showed a 7% bounce for the year ended Sept. 30 as an expected recession went AWOL — for now.


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. 

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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.