The Funding of State and Local Pensions: 2011-2015

Alicia Munnell, Jean-Pierre Aubry, Josh Hurwitz, Madeline Medenica and Laura Quinby

State and Local Pension Plans Briefs from Center for Retirement Research

Abstract: The stock market hovers around pre-crisis peaks, tax revenues have rebounded, and plan sponsors have raised employee contributions for all workers and/ or reduced benefits for new workers, yet the funded status of state and local pension plans h ave once again slipped. This result reflects slow growth in the value of actuarial assets as actuaries in the public sector tend to smooth gains and losses over several years, which was only partly mitigated by an unexpected reduction in liability growt h.

Pages: 14 pages
Date: 2012-05, Revised 2012-05
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