Methodology & Data Sources

Primary Data Source

PlainPension is powered by the Public Plans Database (PPD), a collaboration between the Boston College Center for Retirement Research (CRR) and the National Association of State Retirement Administrators (NASRA). The PPD is the most comprehensive longitudinal database of US public pension plans, compiled from annual financial reports (CAFRs) and actuarial valuations submitted by plans.

PPD data is available at publicplansdata.org under a research license. We use the most recent annual PPD release.

Coverage

Our database tracks 197 major US public pension plans covering state and large local government employee retirement systems. These plans collectively cover over 14 million active public employees and retirees, representing the majority of total US public pension assets and liabilities.

Small local government plans not included in the PPD are not covered by PlainPension.

Key Metrics Explained

  • Funded Ratio: Actuarial assets divided by actuarial accrued liabilities (AAL). A ratio of 100% means a plan has exactly enough assets to cover all promised benefits. Below 80% is generally considered underfunded; below 60% is severely underfunded. Funded ratios use the plan's own actuarial assumptions.
  • Unfunded Liability: The dollar gap between actuarial assets and the actuarial accrued liability (AAL - assets). This represents the amount a plan is short of fully funding its promises.
  • Investment Return: Annualized return on pension fund investments. 1-year returns reflect recent market conditions; 5-year returns provide a longer-term picture.
  • ARC Payment Rate: Whether the sponsoring government is paying its Actuarially Required Contribution (ARC). Plans where governments consistently underpay the ARC tend to see funded ratios deteriorate over time.

Financial Health Grades

PlainPension assigns each plan a financial health grade based on a composite of its funded ratio, 5-year investment return relative to assumed rate, and ARC payment history. Grades are intended as a quick reference; full financial analysis requires reviewing a plan's CAFR and actuarial valuation directly.

Processing Pipeline

We download the annual PPD dataset and process each plan record through our ETL pipeline. Processing steps include:

  • Extracting plan-level financial data including actuarial assets, accrued liabilities, investment returns, and employer contribution rates from the PPD annual release
  • Computing funded ratios, unfunded liabilities, and ARC payment compliance from the source financial variables
  • Assigning financial health grades based on a composite scoring model (funded ratio, investment return performance, and contribution discipline)
  • Building state-level aggregations that summarize pension health across all plans in each state
  • Generating multi-year trend data from PPD's longitudinal records going back to 2001

No financial data is fabricated or modified. All base figures come directly from the PPD as compiled from plan CAFRs and actuarial valuations. Where we compute derived metrics (health grades, state aggregates), the methodology is documented on this page.

Historical Data

The PPD contains annual data from 2001 to the most recent completed fiscal year. We display trend charts showing funded ratio changes over time, enabling users to see whether a plan's financial position is improving, stable, or deteriorating. This longitudinal perspective is essential because pension funding is a multi-decade obligation — a single year's funded ratio can be misleading without historical context showing the trajectory.

Limitations

  • Funded ratios use each plan's own actuarial discount rate. Plans using higher assumed rates show better-looking funded ratios; economists often argue market-value liability measures would show lower funded ratios industry-wide.
  • Data is updated annually when new PPD releases become available, typically lagging the most recent plan fiscal year by 12–18 months.
  • The PPD covers major public pension plans only — smaller local government retirement systems, deferred compensation plans, and OPEB (other post-employment benefit) plans are not included.
  • Health grades are simplified indicators. A complete assessment of any pension plan's financial health requires reviewing its full CAFR and actuarial valuation.
  • PlainPension provides informational data only and does not provide financial advice or retirement planning guidance.

Editorial Workflow

Content on PlainPension is compiled by our editorial team. Raw financial data from the Public Plans Database (Boston College CRR / NASRA), DOL Form 5500 filings, PBGC disclosures, and state pension plan administrators is ingested programmatically by our ETL pipeline; narrative framing, guide text, health-grade commentary, and methodology writeups are drafted by our editorial team and then reviewed line-by-line by the PlainPension Editorial team at Kiznis Studio before publication. We follow rigorous editorial standards: source data is loaded directly from official agencies, never invented or interpolated. No page on PlainPension is published without human review. We do not accept payment for coverage, placement, or grades — the health-grade composite and rankings are computed directly from PPD data.

Not Affiliated

PlainPension is not affiliated with the Center for Retirement Research at Boston College, NASRA, the Department of Labor, PBGC, any state pension plan administrator, or any government agency or pension plan. We are an independent data portal presenting PPD and Form 5500 data in a more accessible format.

Frequently Asked Questions

Where does PlainPension's pension data come from?

All plan financial figures come from the Public Plans Database (PPD), a longitudinal database maintained by the Boston College Center for Retirement Research and NASRA. The PPD aggregates data from each plan's Comprehensive Annual Financial Reports (CAFRs) and actuarial valuations. Additional context is drawn from DOL Form 5500 public filings, PBGC disclosures, and state pension plan administrator reports.

How often is the data updated?

The PPD publishes new data annually as plans release their CAFRs and actuarial valuations. Form 5500 filings are updated continuously as they are submitted to the DOL. PlainPension refreshes its database within 30 days of each PPD annual release. Because actuarial valuations typically lag the current date by 6–18 months, there is an inherent delay between market events and the data shown on this site.

How accurate are PlainPension's funded ratios and health grades?

Funded ratios are displayed exactly as reported in the PPD, which sources them from plan-produced actuarial valuations. Different plans use different discount rates, mortality tables, and salary-growth assumptions, which affect funded-ratio calculations — our figures reflect each plan's own assumptions. Health grades (A–F) are a PlainPension composite derived from funded ratio, ARC payment discipline, and investment return relative to assumed rate. Grades are informational; a full assessment of any plan's financial health requires reviewing its CAFR and actuarial valuation directly.

Is PlainPension providing financial or retirement advice?

No. PlainPension is an informational data portal — it does not provide retirement, investment, tax, or legal advice. Nothing on this site is a recommendation to take, change, or defer pension benefits, employment decisions, or investment decisions. Consult a qualified financial advisor, actuary, or your plan administrator for decisions affecting your retirement. Unlike private-sector pensions, public pensions are not insured by the PBGC — benefit security depends on the sponsoring government.

Related Federal Resources

Beyond our primary data sources, the following federal government resources provide additional context for transparency, methodology verification, and related public records:

  • FOIA.gov — Freedom of Information Act portal for requesting federal records.
  • USA.gov Government Works — Comprehensive directory of U.S. federal agencies and public datasets.
  • Data.gov — Central repository of U.S. federal open data, including the source agencies referenced on this page.
  • Regulations.gov — Federal Register notices, public comments, and rulemaking activity for source agencies.