The Bottom 25% (Lowest quartile) indicates relatively lower unfunded liabilities. The Top 25% (Highest quartile) indicates relatively higher unfunded liabilities. Metrics reflect the Fiscal Year selected. Agencies reported as NA or agencies for which we do not have geographic locations are excluded from calculations. See Glossary for additional information.
Data reflect Fiscal Year (FY) , the most recent available.
Pension assets minus liabilities, aka unfunded liability or net pension debt. Data reflect Fiscal Year (FY) 2013, the most recent available. Site contains California state and local government pension data.
Liabilities minus assets, aka unfunded liability or net pension debt. Data reflect Fiscal Year (FY) 2016, the most recent available. Site contains state and estimated totals for local government pensions.
Market Basis
Market Basis reflects Pension Debt using a discount rate equal to 20-year Treasury yields rounded to the nearest one-quarter percentage point. The yield in 2016 was 1.75-2.75%. The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities. Pension Debt Per Household equals Pension Debt divided by the number of households in the United States.
The Glossary contains additional information and definitions.
Actuarial Basis
Actuarial Basis Pension Debt using discount rates reported by most systems, an average of about 7.6% in 2016. Pension Debt Per Household equals Pension Debt divided by the number of households in the United States..
The Glossary contains additional information and definitions.
