$20 Billion Club: 2025 Update

Justin Owens, CFA, FSA, EA

Senior Director, Co-Head of Total Solutions

The biggest trends in the corporate pension industry are reflected in these 22 companies. While many reports estimate funded status changes, this is the first report published each year (since 2011) using actual disclosed 10-K data—offering a data-driven look at how these companies are shaping the industry.

Industry estimates can vary widely. Our analysis offers a clear, fact-based view of how corporate DB sponsors are responding to economic shifts and funding challenges.

This report details funded status trends, liability changes, discount rate movements, and risk transfer activity—helping all DB sponsors make informed decisions in their fiduciary roles.

3M
AT&T
Boeing
Caterpillar
Dow Chemical
Exxon Mobil
FedEx
Ford Motor
GE Aerospace
GE HealthCare
GE Vernova

General Motors
Honeywell International
IBM
Johnson & Johnson
Lockheed Martin
Merck
Northrop Grumman
Pacfiic Gas & Electric
Pfizer
Raytheon Technologies
United Parcel Service

Download research

Any statements of opinion expressed within this publication are that of Russell Investments and are current at the time of issue. The information and opinion given in this publication is given in good faith. All opinions expressed are subject to change at any time. Russell Investments nor any of its staff accepts liability with respect to the information or opinions contained in this publication.

All investments carry a level of risk and do not typically grow at an even rate of return and could experience negative growth.

Any past performance results should not be seen as a guide to future returns. Any scenarios presented are an estimate of future performance based on evidence from the past on how the value of an investment varies and are not an exact indicator.

In EMEA this content is suitable for Professional Clients Only.

Russell Investments is committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone, and applying the relevant accessibility standards.

Russell Investments' ownership is composed of a majority stake held by funds managed by TA Associates Management, L.P., with a significant minority stake held by funds managed by Reverence Capital Partners, L.P. Certain of Russell Investments' employees and Hamilton Lane Advisors, LLC also hold minority, non-controlling, ownership stakes.

Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the "FTSE RUSSELL" brand.

Issued by Russell Investments Limited. Company No. 02086230. Registered in England and Wales with registered office at: Rex House, 10 Regent Street, London SW1Y 4PE. Telephone +44 (0)20 7024 6000. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.

© Russell Investments Group, LLC. 1995-2026. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an "as is" basis without warranty.