Key takeaways
- CalPERS is the largest US public pension fund, with $563.0 billion in net position at June 30, 2025.
- CalSTRS ($370.2 billion), the New York State Common Retirement Fund ($273.1 billion) and the New York City systems ($261.2 billion) come next.
- The 21 funds listed here each hold more than $70 billion.
- Fiscal years differ, so each figure shows its as-of date.
Largest public pension funds
State and local public pension funds ranked by fiduciary net position from each fund's most recent audited annual report, as compiled in June 2026. Search by fund or state.
Showing all 21 funds
| # | Fund | Net position | As of | Source |
|---|---|---|---|---|
| 1 | CalPERSCalifornia | $563.0 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 2 | CalSTRSCalifornia | $370.2 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 3 | New York State Common Retirement FundNew York | $273.1 billion | Mar 31, 2025 | Annual reports, compiled by Praxis Rock |
| 4 | New York City Retirement SystemsNew York | $261.2 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 5 | Teacher Retirement System of TexasTexas | $226.3 billion | Aug 31, 2025 | Annual reports, compiled by Praxis Rock |
| 6 | Florida Retirement SystemFlorida | $212.6 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 7 | Washington State pension funds (WSIB)Washington | $181.8 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 8 | New York State Teachers' Retirement SystemNew York | $154.2 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 9 | Wisconsin Retirement System (SWIB)Wisconsin | $139.4 billion | Dec 31, 2024 | Annual reports, compiled by Praxis Rock |
| 10 | North Carolina Retirement SystemsNorth Carolina | $135.8 billion | Jun 30, 2024 | Annual reports, compiled by Praxis Rock |
| 11 | Teachers Retirement System of GeorgiaGeorgia | $116.8 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 12 | Massachusetts PRIM (PRIT Fund)Massachusetts | $115.5 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 13 | Virginia Retirement SystemVirginia | $105.9 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 14 | Ohio Public Employees Retirement SystemOhio | $105.4 billion | Dec 31, 2024 | Annual reports, compiled by Praxis Rock |
| 15 | Minnesota State Board of InvestmentMinnesota | $101.2 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 16 | State Teachers Retirement System of OhioOhio | $92.7 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 17 | Oregon Public Employees Retirement FundOregon | $88.6 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 18 | New Jersey Pension FundNew Jersey | $84.1 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 19 | Pennsylvania PSERSPennsylvania | $82.6 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
| 20 | Michigan Public School Employees' Retirement SystemMichigan | $78.7 billion | Sep 30, 2025 | Annual reports, compiled by Praxis Rock |
| 21 | Maryland State Retirement and Pension SystemMaryland | $73.2 billion | Jun 30, 2025 | Annual reports, compiled by Praxis Rock |
About these numbers
- Figures are pension assets only; where a system also runs health-care or deferred-compensation programs, those are left out.
- The federal Thrift Savings Plan is larger than any of these, but it is a defined-contribution plan for federal workers and isn't included.
- Pension systems run their own procurement, separate from the state, for investment managers, consultants, custody, actuarial services, IT and member services.
Selling to public pension funds
Pension systems buy investment management, investment consulting, custody and banking, actuarial and audit services, pension administration software, call center and member services, and cybersecurity.
- Watch board agendas. Pension boards approve consultants, managers and major contracts in public meetings, and the agendas are posted ahead of time.
- Know the procurement calendar. Consultant and custody contracts usually rebid on fixed cycles of five years or more.
- Expect strict rules. Many systems have quiet periods, placement agent disclosures and contact restrictions during searches.
- Separate the two sides. The investment office and the benefits administration office buy very different things.
See largest state budgets and government contract expirations.
Sources
- Praxis Rock, The Largest US Public Pension Funds (June 2026), compiled from each fund's ACFR
- Each fund's Annual Comprehensive Financial Report
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