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Top Defined Contribution
(Assets in billions)
| # | Name | 2021 | 2020 | 2019 |
|---|---|---|---|---|
| 1 | Federal Retirement Thrift Investment Board | $774.2 | $651.1 | $601 |
| 2 | Boeing | $74.7 | $69.5 | $66.3 |
| 3 | IBM | $63.5 | $55.6 | $53.6 |
| 4 | AT&T | $61.4 | $68.5 | $68.1 |
| 5 | Bank of America | $54.6 | $42.6 | $41.9 |
| 6 | Raytheon Technologies | $53.8 | $48.3 | $47.8 |
| 7 | Wells Fargo | $53 | $47.4 | $43.2 |
| 8 | Lockheed Martin | $49.6 | $47 | $42.8 |
| 9 | Verizon | $42.8 | $35.6 | $34 |
| 10 | Microsoft | $41.7 | $27.7 | $24.9 |
Top Defined Benefit
(Assets in billions)
| # | Name | 2021 | 2020 | 2019 |
|---|---|---|---|---|
| 1 | California Public Employees' Retirement System | $494.5 | $424.3 | $382.7 |
| 2 | California State Teachers' Retirement System | $312.2 | $257.9 | $242.1 |
| 3 | New York State Common Retirement Fund | $267.8 | $226.4 | $215.4 |
| 4 | New York City Retirement Systems | $266.7 | $225.5 | $208.5 |
| 5 | Florida State Board of Administration | $199 | $168 | $162.5 |
| 6 | Teacher Retirement System of Texas | $196.7 | $162.7 | $157.6 |
| 7 | New York State Teachers' Retirement System | $144.4 | $122.8 | $119.7 |
| 8 | State of Wisconsin Investment Board | $140.9 | $118 | $111.5 |
| 9 | Washington State Investment Board | $135 | $107.3 | $99.9 |
| 10 | North Carolina Retirement System | $121.3 | $107.5 | $102.4 |
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Private credit soars 77% as asset class continues to heat up
Private credit has been on a tear with the largest U.S. pension plans, and that's showing little signs of stopping anytime soon.
Video: P&I 1,000 by the numbers
Each year P&I collects data on the largest 1,000 U.S. retirement plans. With data animation, viewers can easily compare size, scope and changes in allocations.
Institutional investors seek returns in high yield, inflation protection
Inflation hammered fixed income in 2021, with looming future interest rates creating yet another headwind for asset owners.
Record year for deal value vaults venture capital, private equity
Private equity and venture capital assets among the top 200 funds were supersized by returns and deal pace.
Change in assets by category
Assets in billions for years ended Sept. 30.
Participants shake off challening year
Among the 200 largest retirement plans, DC assets rose 17.6% to $3.31 trillion on the backs of roaring markets and participant inertia.
Managers most used by the top 200 funds
Total mentions across all asset classes
Pension plans increasingly see benefit in allocating to diverse managers
More U.S. pension funds are creating programs and initiatives to increase their exposure to diverse money managers.
Biggest Gainers
Highest total asset growth among top 200 funds
A heady year, but will it last?
Despite the pandemic, retirement plan sponsors arguably find themselves in the best financial positions since before the global financial crisis.
Consultants most used by the top 200 funds
Total mentions across all asset classes
How this year's survey was conducted
Pensions & Investments gathered information for its report of the largest retirement funds, published annually since 1974, in three steps.