Tag: local pension

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The brief’s key findings are: Under traditional accounting rules, the aggregate funded ratio for state and local pension plans in 2017 was 72 percent, largely unchanged from recent years. This overall stability, however, masks a growing gap among plans: the average funded ratio was 90 percent for the top third but just 55 percent for…

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Abstract Federal law allows certain state and local government employees to be excluded from Social Security coverage if they are covered by an employer pension of sufficient generosity. Public sector retirement systems have grown less generous in recent years, and a couple of plans could exhaust their assets in the next decade, putting benefits at…