In the aggregate, Minnesota does a very good job of keeping its pension funds well stocked. Its non-pension, retiree health obligations are minimal at the state level, although local governments are likely to face more of a problem. Minnesota is one of seven states that had not completed its actuarial valuation of non-pension benefits at the time of the Pew report. The liabilities are likely to be small because the state does not provide cash support for retiree health premiums, but only an “implicit subsidy” that comes from including retired and current employees in the same health plan. Minnesota has greater concerns about the cost of unfunded non-pension benefits at the local level, where some of its municipalities are going to face severe financial strain.