Many state and local retirement plans are on an unsustainable course, having failed to set aside enough money to fund the promises they have made. To inform state policymaking, Pew provides research on the fiscal challenges state and cities face as a result of their pension and retiree health promises. With the understanding that there is no one-size-fits-all solution, the project also offers technical assistance to states and municipalities as they undertake pension and retiree health care reforms to ensure their public sector retirement systems are affordable and sustainable, provide a secure retirement for workers, and preserve governments' ability to recruit and retain a talented public-sector workforce.
The Bipartisan Effort in 2013 Resulted in Fair and Effective Retirement System for Employees and Taxpayers Alike
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All dollar figures in millions. Parentheses indicate negative value. States attain positive amortization if they contribute more than 100 percent of the amortizationbenchmark. Data in 2014 reflect reporting under new accounting standards. Pension debt represents the net pension liability under the new GASB rules. The value ofplan assets is reported as net plan position. The funded ratio data for... Read More
The nation’s state-run retirement systems had a $934 billion gap in fiscal year 2014 between the pensionbenefits that governments have promised their workers and the funding available to meet those obligations. Thatrepresents a $35 billion decrease from the shortfall reported for fiscal 2013. The reduction in pension debt wasdriven primarily by strong investment results, with public plans... Read More
By providing simple, constructive guidance and education, plan sponsors can help workers make sound decisionsfor managing income after retirement. Read More