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.