Pensions healthier, but liabilities remain.
Author | Martel, Luke |
Position | STATESTATS |
Cash and investments held by the 100 largest public-employee retirement systems exceeded $3 trillion in the third quarter of 2013, a record high since tracking began in 1968, according to the U.S. Census Bureau's Quarterly Survey of Public Pensions. The data show pension plans are recovering from the losses inflicted by the Great Recession, when their cash and securities fell to a low of $2.1 trillion in the first quarter of 2009. The new values top the previous record of $2.93 trillion, set in the fourth quarter of 2007.
Still, many states' future pension obligations remain heavy. About $6 of every $10 in the pension funds comes from earnings on investments; employee and employer contributions make up the rest. Investment earnings plummeted during the recession. Many states have not made up the losses, and many also have underfunded their retirement systems for years.
More than $1 trillion in unfunded pension promises made to current and retired government employees are straining state budgets, prompting policymakers to find alternative ways to design retirement plans. Lawmakers in nearly every state have taken some action to reform pension plans since the recession, often making changes such as reducing pension benefits or increasing employee contributions.
Illinois, for example, has the largest unfunded...
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