The Financial Crisis and State/Local Defined Benefit Plans

Alicia Munnell, Jean-Pierre Aubry and Lawrence Muldoon

Issues in Brief from Center for Retirement Research

Abstract: Equity assets in retirement plans dropped in value by about $4 trillion between October 9, 2007 and October 9, 2008. The decline was divided equally between defined benefit and 401(k)/Individual Retirement Accounts (IRAs). The decline in the defined benefit arena was in turn divided equally between private sector plans and those sponsored by state and local governments. This brief explores what a loss of roughly $1 trillion of state and local defined benefit equity assets means for the individual participants and for the taxpayers of the sponsoring entities...

Pages: 9 pages
Date: 2008-11, Revised 2008-11
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