Largest U.S. retirement funds climb 10.8% to $8.35 trillion but corporate defined benefit plans disappear from Top 10

PR Newswire

CHICAGO, Feb. 3, 2014 /PRNewswire/ -- Pensions & Investments, the international newspaper of money management, today published the results of the annual P&I 1,000 largest U.S. retirement funds survey, the industry's best-read report on the state of the retirement industry. Total assets of the top 1,000 rose to $8.35 trillion, a 10.79% from last year. Defined benefit assets of the funds totaled $5.67 trillion, an increase of 8.11%, while defined contribution assets increased 16.93% to reach $2.68 trillion.

This year's data marks a milestone in the changing retirement landscape. For the first time in the more than three decades since Pensions & Investments began tracking the largest U.S. retirement plans, not a single corporate name appears in the ranking of the 10 largest defined benefit pension plans.

General Motors Co., was the final company to rank among the top 10 DB retirement plans. But GM transferred $29 billion to a group annuity in the fourth quarter of 2012. As a result, it ranks 12th in this survey.

Overall this year, 32.1% of all assets in the top 1,000 plans and 26.5% of the top 200 were in defined contribution plans.

The Federal Retirement Thrift Savings Plan, California Public Employees' (CalPERS), California State Teachers' (CalSTRS), New York State Common and Florida State Board topped the list of largest overall retirement funds again this year.

The largest corporate plan in the survey was Boeing Co., with $98.92 billion in assets. The largest union plan, the $35.52 billion Western Conference of Teamsters Pension Trust.

The Top 200 plans hold 72.6% of the total assets among the largest 1,000.

Pensions & Investments' 1,000 largest U.S. retirement funds issue includes rankings of the largest retirement plans by size and an additional 40 rankings by investment strategy, type of plan and other categories.

The latest data from the P&I 1,000 survey is now in the P&I Research Center. View the latest research and data on the retirement funds with searchable history and archives, full detailed profiles of each pension fund and interactive rankings, including the funded status of public pension funds.

"While significant gains in equities helped retirement assets reach an all-time high, defined contribution plans continued to grow at a faster pace," says Aaron M. Cunningham, director of research and analytics, Pensions & Investments. "This is highlighted by the growth of the Federal TSP, which in 2008 had roughly the same amount of assets as CalPERS. Now the Federal TSP -- a defined contribution plan -- has $102 billion more in assets.

"Within defined contribution plans, target-date assets continued to grow at a brisk pace, but since they account for less than 15% of total assets, there is still plenty of room for continued growth," he added.

The data for the Top 1,000 retirement funds are compiled through a rigorous process of detailed surveys completed by the funds, as well as research by P&I editors and reporters.

About Pensions & Investments
Since 1973, Pensions & Investments has been the leading resource for industry investment data, analysis and news. With unmatched integrity and professionalism, Pensions & Investments consistently delivers news, research and analysis to the executives who manage the flow of funds in the institutional investment market. Written for pension, portfolio and investment management executives at the hub of this market, Pensions & Investments provides its audience with timely and incisive coverage of events affecting the money management business. Written by a worldwide network of reporters and correspondents, Pensions & Investments' coverage includes business and financial news, legislative reports, global investments, product development, portfolio management, risk management, technology, investment performance, executive changes, corporate governance and other topics crucial to the people who drive the world of professional money.

About the P&I Research Center
The Research Center is an interactive online platform of key institutional investment data compiled and verified by the Pensions & Investments editorial team. Most of the information in the Research Center comes directly from the respective organizations in response to P&I questionnaires. Data from the P&I questionnaires is supplemented from information contained in public filings and other sources.

Contact: Aaron Cunningham, CAIA, Director of Research and Analytics | (707) 759-2034 | acunningham@pionline.com

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