Wednesday, September 18, 2013

An Analysis Of Each State's Unfunded Pension Liability

An analysis by State Budget Solutions, a 501(c)(3) non-profit, finds that State pension plans are on average only 39 percent funded. The included table below shows each State's pension numbers.

From State Budget Solutions, "Promises Made, Promises Broken - The Betrayal of Pensioners and Taxpayers" by Cory Eucalitto:
Comprehensive research into the funded status of state level defined benefit public pension plans reveals that public employee retirement promises are underfunded by $4.1 trillion. Combined, state public pension plans are just 39 percent funded.

Figures were drawn from state Fiscal Year 2012 Comprehensive Annual Financial Reports, as well as the Comprehensive Annual Financial Reports and actuarial valuations published by individual plans. In each case, figures were from the most up-to-date valuation available at the time of research. Plans were compiled based on the United States Census Bureau's Annual Survey of Public Pensions and state-level financial reports. Therefore this includes municipal pension funds that are administered by the state.
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StateActuarial AssetsMarket LiabilityFunded RatioUnfunded Liability
Alabama$28,136,859$83,416,28934%$55,279,430
Alaska$10,257,331$33,972,93130%$23,715,600
Arizona$30,716,205$81,099,67238%$50,383,467
Arkansas$19,914,988$55,016,30736%$35,101,319
California$459,450,490$1,100,068,95042%$640,618,460
Colorado$40,915,702$124,738,61633%$83,822,914
Connecticut$25,492,957$102,247,87425%$76,754,917
Delaware$7,862,654$16,287,44648%$8,424,792
Florida$127,891,781$280,543,39246%$152,651,611
Georgia$69,392,153$154,949,79945%$85,557,646
Hawaii$12,242,500$39,193,56331%$26,951,063
Idaho$11,657,299$25,241,56146%$13,584,262
Illinois$91,521,686$378,567,67924%$287,045,993
Indiana$25,156,363$68,175,59637%$43,019,233
Iowa$25,778,883$59,705,14443%$33,926,261
Kansas$13,278,490$46,167,69129%$32,889,201
Kentucky$26,060,181$97,225,99927%$71,165,818
Louisiana$33,578,010$108,503,08931%$74,925,079
Maine$11,076,400$24,761,72445%$13,685,324
Maryland$37,448,661$110,513,04834%$73,064,387
Massachusetts$43,493,039$132,310,59333%$88,817,554
Michigan$59,934,079$178,436,10534%$118,502,026
Minnesota$47,954,571$127,349,65538%$79,395,084
Mississippi$20,429,973$69,238,31630%$48,808,343
Missouri$48,699,412$121,416,55740%$72,717,145
Montana$7,631,673$22,633,20534%$15,001,532
Nebraska$9,058,379$22,439,82340%$13,381,444
Nevada$27,466,740$75,934,90536%$48,468,165
New Hampshire$5,861,896$19,751,86730%$13,889,971
New Jersey$85,938,988$257,614,70233%$171,675,714
New Mexico$21,397,284$64,212,78133%$42,815,497
New York$230,680,400$490,756,06247%$260,075,662
North Carolina$78,403,200$145,436,34054%$67,033,140
North Dakota$3,498,700$10,806,86232%$7,308,162
Ohio$146,123,868$433,497,66834%$287,373,800
Oklahoma$21,469,876$62,963,72434%$41,493,848
Oregon$44,943,100$120,068,76337%$75,125,663
Pennsylvania$85,323,119$241,959,10035%$156,635,981
Rhode Island$7,533,391$22,540,48133%$15,007,090
South Carolina$29,555,334$82,721,84136%$53,166,507
South Dakota$7,935,490$15,141,57252%$7,206,082
Tennessee$36,680,783$73,328,48350%$36,647,700
Texas$183,833,884$427,998,12343%$244,164,239
Utah$21,369,935$51,129,68742%$29,759,752
Vermont$3,335,632$8,853,16238%$5,517,530
Virginia$54,473,000$133,823,92141%$79,350,921
Washington$60,829,300$124,883,77749%$64,054,477
West Virginia$10,220,671$29,152,50535%$18,931,834
Wisconsin$78,940,000$138,707,03957%$59,767,039
Wyoming$6,609,063$16,284,76741%$9,675,704
Total$2,597,454,373$6,711,788,75839%$4,114,334,385

[HT: Newmark's Door]

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