Pension data, 2013 Morningstar report
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The investment research firmMorningstar found a $1.2 trillion gap in 2012 for the largest 100 U.S. public pension plans (according to the actuarial firm Milliman). Based on two key drivers in Morningstar’s analysis—the funded ratio and the unfunded actuarial accrued liability (UAAL) per capita—the fiscal solvency and management of these plans varied greatly. According to Morningstar’s analysis, funded percentages and liabilities per capita vary dramatically among the states. Overall they found that state plans are “72.6 percent funded with a UAAL per capita of roughly $2,600.” Their data also showed the following:[1]
- Six states have funded levels of more than 90%,
- Seven states have UAALs of less than $100 per capita.
- Wisconsin remains the strongest system, with a 99.9% funded ratio and a UAAL of $18 per capita
- 12 states have funded ratios of at least 80%, (considered strong by Morningstar and recommended by the Government Finance *Officers Association).
- 26 states and Puerto Rico fell below Morningstar’s fiscally sound threshold of a 70 percent funded ratio.
- Illinois continues to have the worst funded system with a 40.4% funded ratio and a $7,421 per capita UAAL.
| Pension health metrics, fiscal year 2012 (dollars in thousands) | |||||
|---|---|---|---|---|---|
| State | Assets | Liabilities (AAL) | Unfunded liabilities (UAAL) | Funded ratio | Unfunded liabilities per capita |
| Alabama | $28,136,859 | $42,516,832 | $14,379,973 | 66.20% | $3,051 |
| Alaska | $10,255,099 | $17,329,260 | $7,074,161 | 59.20% | $10,235 |
| Arizona | $30,716,216 | $41,348,254 | $10,632,038 | 74.30% | $1,702 |
| Arkansas | $18,745,631 | $26,255,098 | $7,509,467 | 71.40% | $2,614 |
| California | $416,362,505 | $547,771,077 | $131,408,572 | 76.00% | $3,587 |
| Colorado | $12,538,675 | $21,191,405 | $8,652,730 | 59.20% | $1,771 |
| Connecticut | $23,654,500 | $48,200,500 | $24,546,000 | 49.10% | $6,922 |
| Delaware | $7,644,014 | $8,657,810 | $1,013,796 | 88.30% | $1,150 |
| Florida | $127,891,781 | $148,049,596 | $20,157,815 | 86.40% | $1,089 |
| Georgia | $68,054,871 | $83,100,245 | $15,045,374 | 81.90% | $1,589 |
| Hawaii | $12,242,494 | $20,683,403 | $8,440,909 | 59.20% | $6,329 |
| Idaho | $11,366,899 | $13,470,356 | $2,103,457 | 84.40% | $1,378 |
| Illinois | $64,029,900 | $158,611,500 | $94,581,600 | 40.40% | $7,421 |
| Indiana | $21,719,459 | $37,216,043 | $15,496,584 | 58.40% | $2,415 |
| Iowa | $23,940,276 | $30,096,586 | $6,156,310 | 79.50% | $2,041 |
| Kansas | $13,278,490 | $23,531,423 | $10,252,933 | 56.40% | $3,650 |
| Kentucky | $18,765,565 | $40,121,012 | $21,355,447 | 46.80% | $4,983 |
| Louisiana | $23,026,791 | $41,457,631 | $18,430,840 | 55.50% | $4,161 |
| Maine | $8,998,153 | $11,659,484 | $2,661,332 | 77.20% | $2,005 |
| Maryland | $37,248,401 | $57,869,145 | $20,620,744 | 64.40% | $3,620 |
| Massachusetts | $42,649,119 | $64,267,758 | $21,618,639 | 66.40% | $3,338 |
| Michigan | $11,776,300 | $17,726,600 | $5,950,300 | 66.40% | $598 |
| Minnesota | $28,188,567 | $37,594,728 | $9,406,161 | 75.00% | $3,197 |
| Mississippi | $20,274,489 | $34,933,825 | $14,659,336 | 58.00% | $4,983 |
| Missouri | $38,543,470 | $50,101,293 | $11,557,824 | 76.90% | $1,952 |
| Montana | $7,631,717 | $11,942,461 | $4,310,744 | 63.90% | $4,427 |
| Nebraska | $8,777,117 | $11,186,879 | $2,409,761 | 78.50% | $1,339 |
| Nevada | $27,467,740 | $38,698,711 | $11,230,971 | 71.00% | $4,265 |
| New Hampshire | $5,861,896 | $10,421,426 | $4,559,531 | 56.20% | $3,470 |
| New Jersey | $86,219,406 | $131,915,760 | $45,696,354 | 65.40% | $5,239 |
| New Mexico | $21,342,119 | $33,859,196 | $12,517,077 | 63.00% | $6,218 |
| New York | $148,599,000 | $164,256,000 | $15,657,000 | 90.50% | $814 |
| North Carolina | $59,076,841 | $62,926,627 | $3,849,785 | 93.90% | $415 |
| North Dakota | $1,750,600 | $2,641,100 | $890,500 | 66.30% | $1,350 |
| Ohio | $66,059,360 | $85,577,700 | $19,518,340 | 77.20% | $1,695 |
| Oklahoma | $19,710,700 | $30,186,093 | $10,475,393 | 65.30% | $2,850 |
| Oregon | $50,168,200 | $61,198,400 | $11,030,200 | 82.00% | $2,932 |
| Pennsylvania | $83,530,310 | $130,816,224 | $47,285,914 | 63.90% | $3,749 |
| Rhode Island | $6,295,214 | $10,816,459 | $4,521,245 | 58.20% | $4,280 |
| South Carolina | $29,555,334 | $45,202,202 | $15,646,868 | 65.40% | $3,468 |
| South Dakota | $7,927,002 | $8,562,591 | $635,589 | 92.60% | $795 |
| Tennessee | N/A | N/A | N/A | N/A | N/A |
| Texas | $143,785,554 | $175,449,348 | $31,663,794 | 82.00% | $1,302 |
| Utah | $21,369,935 | $27,939,108 | $6,569,173 | 76.50% | $2,472 |
| Vermont | $2,918,189 | $4,265,516 | $1,347,327 | 68.41% | $2,158 |
| Virginia | $54,473,000 | $78,423,000 | $23,950,000 | 69.50% | $3,054 |
| Washington | $55,095,600 | $56,145,000 | $1,049,400 | 98.10% | $160 |
| West Virginia | $10,074,666 | $15,741,272 | $5,666,606 | 64.00% | $3,078 |
| Wisconsin | $78,940,000 | $79,039,300 | $99,300 | 99.90% | $18 |
| Wyoming | $6,609,064 | $8,300,258 | $1,691,194 | 79.60% | $3,100 |
| Totals in the U.S. | $2,157,578,916 | $2,979,267,860 | $821,688,945 | 72.40% | N/A |
| Source:Morningstar, "The State of State Pension Plans 2013: A Deep Dive Into Shortfalls and Surpluses," accessed April 27, 2015 | |||||
See also
- Pension data, U.S. Census
- Pension data, State Budget Solutions report
- Pew Charitable Trusts pensions study, 2014
- Public pensions
- Public pension health by state
