Here's a look at the authors' estimates of what it would take to close the pension funding gap in each state. Remember that these totals apply to payments required every year for the next 30 years.
Annual Increases to Fund Current State and Local Pensions State Pension Funding
Increases ($billions)Pension Increases per
Taxpayer Household ($)New York $16.9 $2,250 Oregon $3.1 $2,140 Wyoming $0.4 $2,080 Ohio $9.1 $2,051 New Jersey $6.7 $2,000 California $28.3 $1,994 Minnesota $3.9 $1,928 Illinois $9.5 $1,907 New Mexico $1.4 $1,756 Colorado $3.4 $1,739 Pennsylvania $7.5 $1,550 Wisconsin $3.3 $1,522 Connecticut $2.0 $1,459 Michigan $5.3 $1,386 Washington $3.5 $1,371 Alaska $0.4 $1,356 Hawaii $0.6 $1,288 Texas $12.1 $1,271 Missouri $2.9 $1,264 Kentucky $2.1 $1,260 Delaware $0.4 $1,210 Kansas $1.3 $1,197 Massachusetts $3.0 $1,190 South Carolina $2.1 $1,186 Vermont $0.3 $1,163 Mississippi $1.3 $1,127 Louisiana $1.9 $1,118 Virginia $3.2 $1,066 North Dakota $0.3 $1,042 New Hampshire $0.5 $1,010 Nevada $0.9 $884 Nebraska $0.6 $881 Montana $0.3 $872 Alabama $1.6 $868 Iowa $1.0 $861 Oklahoma $1.2 $850 Tennessee $2.0 $837 Maryland $1.8 $818 Florida $5.8 $813 Rhode Island $0.3 $819 Georgia $3.0 $803 North Carolina $2.8 $784 South Dakota $0.2 $776 Maine $0.4 $761 Idaho $0.4 $737 Arizona $1.5 $608 West Virginia $0.4 $600 Utah $0.6 $535 Arkansas $0.6 $534 Indiana $0.8 $329 U.S. Total $163.2 $1,385 Source: Robert Novy-Marx and Joshua D. Rauh
Saturday, November 10, 2012
Annual Payments To State And Local Pensions To Close Funding Gap: Totaling $5 Trillion Paid Over 30 Years
From US News, "$5 Trillion Price Tag for Public Pensions" by Philip Moeller:
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