Funding Stress9 min
The 10 Most Underfunded Public Pension Systems Entering 2025
A structured ranking of the most fiscally pressured statewide pension systems, with funded ratios, PSI scores, and contribution adequacy analysis.
2025-01-14Read →
Live · 25 Funds Monitored
Structured intelligence for public pension systems.
FUNDS TRACKED25
AGG ASSETS$2.71T
AGG TPL$3.68T
AVG FUNDED RATIO67.2%
GAP$0.97T
WORST PSIKentucky ERS · 97
BEST PSIWRS · 9
LAST UPDATE2024-12-31
FUNDS TRACKED25
AGG ASSETS$2.71T
AGG TPL$3.68T
AVG FUNDED RATIO67.2%
GAP$0.97T
WORST PSIKentucky ERS · 97
BEST PSIWRS · 9
LAST UPDATE2024-12-31
Funds Tracked
25
Aggregate Assets2.40 YoY
$2.71T
Aggregate Liabilities3.80 YoY
$3.68T
Avg Funded Ratio1.20 YoY
67.2%
Platform · 01
An institutional workstation for pension data.
Built for analysts, allocators, consultants, and public-finance researchers. Every metric is structured, comparable, and traceable to source.
Structured Dataset
Historical ACFR/CAFR extraction with cross-state normalization. Funded ratios, NPL, contributions, demographics, assumptions - all standardized.
Source Traceability
Every datapoint links back to the source page in the underlying actuarial filing. Auditable financial intelligence by default.
Stress Analytics
Funding deterioration, contribution pressure, cash-flow stress. The proprietary PSI composite for fast risk scoring.
Document Intelligence
Synonym-aware search across pension documents. Field-level navigation for TPL, FNP, NPL, ADC, and 100+ recognized terms.
Cross-Fund Comparison
Compare any two funds side-by-side: assumptions, contributions, liabilities, demographics, and volatility.
Institutional Workflow
Watchlists, alerts, exports, and an API for embedding pension intelligence into your existing research stack.
Terminal · Preview
Pension stress, observed.
Funded Ratio · 3-Fund BenchmarkGASB 67 · FY2014 – FY2024
● CalPERS
77.3 → 75.0 · Δ −2.3pp
● Illinois TRS
42.5 → 45.6 · Δ +3.1pp
● NYSLRS
97.9 → 94.6 · Δ −3.3pp
Agg Gap$0.97T
10y +38% · widening
Avg PSI61.2
25-fund composite
ADC Paid93.1%
weighted by liability
Highest Stress · PSITOP 5
Assets vs Liabilities$T · agg
Gap widening at ~3.8% CAGR · liabilities outpace assets
Stress Heatmap · By StatePSI · LOWER IS BETTER
KY97
NJ91
IL90
CT84
CO71
PA69
MI65
MA62
CA57
TX54
AZ53
OR51
MN46
OH42
FL38
NY33
WA18
WI9
Healthy Elevated Severe
Watchlist · Severe StressLIVE
| Fund | State | Assets | Funded | PSI | Stress |
|---|---|---|---|---|---|
| Kentucky ERS | KY | $3.1B | 16.5% | 97 | severe |
| Illinois SERS | IL | $21.0B | 38.4% | 92 | severe |
| NJ TPAF | NJ | $28.0B | 39.8% | 91 | severe |
| NJ PERS | NJ | $33.0B | 41.2% | 90 | severe |
| Illinois TRS | IL | $65.0B | 44.1% | 88 | severe |
Research · 03
Institutional commentary, structured.
Public Finance12 min
Contribution Pressure Across U.S. States: A 2014-2024 Review
ADC payment patterns, employer pickup trends, and how rising required contributions are reshaping state operating budgets.
2024-12-02Read →
Stress Analytics7 min
A Decade of Funding Deterioration
Tracking funded-ratio drift, discount-rate adjustments, and net pension liability accumulation since 2014.
2024-11-08Read →
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