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Top 10 US Pension Funds by Assets

US public pension funds collectively manage over $4 trillion in assets, making them among the world's most powerful institutional investors. The largest pension funds—including household names like CalPERS and major teacher retirement systems—shape corporate governance, influence capital allocation, and secure retirement income for millions of government employees, teachers, and first responders. This ranking reveals the biggest pension funds by assets, their investment strategies, recent performance trends, and the outsized influence they wield over corporate America and global markets.

Location: US2026154 viewsJul 17, 2026 Updated Oct 3, 2026

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#1
TIAA (Teachers Insurance and Annuity Association)
TIAA was created in 1918 with funding from Andrew Carnegie to give college teachers a pension, and still serves about five million people at academic, medical, cultural and research institutions. It manages roughly $1.3 trillion. Its core product, TIAA Traditional, is a guaranteed annuity paying a contractual minimum rate plus non-guaranteed additional amounts declared each year.
Milliman Public Pension Funding Study TIAA Annual Report TIAA - Wikipedia
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#2
CalPERS (California Public Employees' Retirement System)
CalPERS manages approximately $500 billion in assets as the largest US public pension fund, yet it holds just 38% of the assets of the top-ranked TIAA. Covering 2 million current and retired California state and local government workers, it was founded in 1932 and holds significant stakes in thousands of US and international companies.
Milliman: CalPERS Funding Analysis CalPERS Annual Report and Investment Returns CalPERS - Wikipedia
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#3
CalSTRS (California State Teachers' Retirement System)
CalSTRS manages approximately $340 billion in assets as the second-largest US public pension fund, serving 1 million California teachers and their families. Founded in 1913, its portfolio spans equities, fixed income, real estate, and private equity. A leader in sustainable investment, it has committed to net-zero by 2050.
Milliman: CalSTRS Funding Status Review CalSTRS Annual Report CalSTRS - Wikipedia
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#4
New York State Common Retirement Fund
The New York State Common Retirement Fund manages approximately $277 billion in assets for 1.2 million members and retirees, making it the third-largest US public pension fund. It is consistently among the best-funded large plans, with a funded ratio above 95%. The fund has committed to a net-zero investment portfolio by 2040.
Milliman: New York Public Pension Funding Review NY State Comptroller: Common Retirement Fund Annual Report New York State Common Retirement Fund - Wikipedia
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#5
NYC Retirement Systems
NYC Retirement Systems manage approximately $280 billion in assets across five retirement funds, covering teachers, police, firefighters, and city workers. The NYC Teachers' Retirement System alone holds $105B+. In 2021 three of the five funds voted to divest roughly $4 billion from fossil fuel reserves.
Milliman: NYC Pension Funds Review NYC Comptroller: Retirement Funds Annual Report NYC Retirement System - Wikipedia
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#6
Texas Teacher Retirement System (TRS)
The Teacher Retirement System of Texas was established in 1937 and manages retirement and health benefits for around 1.9 million current and former Texas educators, making it one of the largest public pension funds in the United States. Its portfolio carries an unusually large allocation to private equity, real assets and other alternatives relative to most state plans.
Milliman: Texas TRS Funding Status Review Texas TRS Comprehensive Annual Financial Report Texas TRS - Wikipedia
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#7
Washington State Investment Board (WSIB)
The Washington State Investment Board manages the state's public pension and trust funds, and is known among US public plans for an unusually heavy allocation to private equity, which it built up earlier than most of its peers.
Milliman: WSIB Investment Performance Review WSIB Annual Report Washington State Investment Board - Wikipedia
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#8
State of Wisconsin Investment Board (SWIB)
SWIB manages the Wisconsin Retirement System, one of the very few US public pension plans that is essentially fully funded. The reason is structural rather than lucky: WRS shares investment risk with its retirees, so annuity payments can be adjusted downward as well as upward with investment results, which stops the liability outrunning the assets.
Milliman: SWIB Funding Status Review SWIB Annual Report State of Wisconsin Investment Board - Wikipedia
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#9
Florida State Board of Administration (SBA)
Florida SBA's $220 billion asset base makes it one of the largest U.S. public pension funds. It serves over 1 million members across state, county, and municipal workers, and delivered a 7.9% net return in fiscal 2023. In 2023 Florida enacted a law barring ESG considerations from state investment decisions, reflecting political tensions around pension mandates.
Milliman: Florida FRS Pension Funding Review Florida SBA Annual Investment Report Florida SBA - Wikipedia
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#10
Ohio State Teachers Retirement System (STRS)
Ohio STRS manages roughly $96 billion for about 500,000 active and retired public school educators and was founded in 1920. In an unusual governance fight, reform candidates backed by retired teachers won seats on the board and staff bonus payments became a public controversy that drew in the Ohio Attorney General.
Milliman: Ohio STRS Funding and Governance Review Ohio STRS Annual Report Ohio STRS - Wikipedia
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Frequently asked questions

What are the largest US pension funds by assets?

The largest US pension funds include the Federal Retirement Thrift Investment Board (TSP), California Public Employees' Retirement System (CalPERS), and California State Teachers' Retirement System (CalSTRS), each managing hundreds of billions in assets.

What is the total asset value of the top 10 US pension funds?

The top 10 US pension funds collectively hold over $4 trillion in assets, with the largest individual fund exceeding $800 billion.

Are US pension funds mostly public or private?

Most of the top US pension funds by assets are public-sector funds, such as state and federal employee retirement systems, rather than corporate private pension funds.

How are large US pension funds typically managed?

These funds are managed by professional investment teams and boards of trustees, investing in a diversified mix of stocks, bonds, real estate, and alternative assets to meet long-term obligations.

Why do pension fund asset sizes matter for the economy?

Large pension funds are major institutional investors that influence financial markets, provide capital for infrastructure, and affect corporate governance through their shareholder voting power.