According to preliminary 2015 data, state and local pension debt now exceeds a combined $1.5 trillion. Strong returns on investment (averaging 17 percent in 2014) have helped to reduce the debt, but the message is still clear: many states are facing a pension crisis.
View the article: Tax Foundation: How Well Funded are Pension Plans in Your State?
The table below displays benefit rules for the state-administered plans in our database. Click a column header to sort the database. Click on a pension plan’s “Plan ID” to view the simulation and grading results for that plan. Use the text box to search and filter the database using keywords. Click on values in the “Additional Details on Early Retirement Penalties” to see detailed benefit reduction rules.
View the database: Urban Institute: State and Local Employee Pension Plan Database
Many states and municipalities are struggling to fund defined benefit pension plans for their employees. Between 2009 and 2013, in order to improve their pension status, almost every state implemented some combination of lower benefit accruals and higher employer or employee contributions. Numerous cities made changes as well for similar reasons.
View the pdf: Brookings Institution: Financing State and Local Pension Obligations: Issues and Options
The gap between the total assets reported by state pension systems across the United States and the benefits promised to workers, now reported as the net pension liability, reached $1.1 trillion in fiscal year 2015, the most recent year for which complete data are available. That represents an increase of $157 billion, or 17 percent, from 2014.
View the article: Pew Research Center: The State Pension Funding Gap: 2015
Our pension report card and interactive map grade state-administered retirement plans on their financing; how much retirement security they provide to short- and long-term employees; and the workforce incentives they create for younger, older, and mid-career employees.
View the report: Urban Institute: The State of Retirement: Grading America’s Public Pension Plans
Attorney General Richard Blumenthal had egg on his face when his annual disclosure statements to the State Ethics Commission showed that two minor children of Mr. Blumenthal had thousands of dollars worth of tobacco stocks in their names in family trust accounts for several years. The accounts are managed by the attorney general’s father, Martin Blumenthal, who purchased the tobacco stocks for his grandsons.
Although the stocks have since been sold, the situation is embarrassing because Richard Blumenthal is a leading crusader against tobacco companies. He has filed a lawsuit against them to recover Medicaid costs attributed to tobacco-related illnesses. He has pushed state Treasurer Christopher B. Burnham to sell the nearly $100 million in tobacco-related investments held by the state pension fund.