U.S. Pension Tracker

Joe Nation, Ph.D.

Project Director
Stanford Institute for
Economic Policy Research

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) 2015, the most recent available.

Massachusetts, All State and Local Systems

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Plan : From year: to
Detailed Table

Assets, Liabilities and Unfunded Liabilities

Variable 2013 2014 2015
Market Liability (thousands) $204,328,272 $228,205,363 $232,302,288
Value of Assets (thousands) $72,094,809 $73,584,162 $65,439,733
Market Pension Debt (thousands) $132,233,463 $154,621,201 $166,862,555
Market Discount Rate 3.25% 3.00% 2.75%
Actuarial Liability (thousands) $108,434,640 $117,978,691 $127,312,199
Actuarial Pension Debt (thousands) $36,339,831 $44,394,529 $61,872,465
Assumed Rate of Return 8.03% 7.97% 7.26%
  • Variable

    Market Liability (thousands)

    • 2015

      $232,302,288

    • 2014

      $228,205,363

    • 2013

      $204,328,272

    • 2012

      $222,866,082

    • 2011

      $174,620,787

    • 2010

      $166,589,808

    • 2009

      $145,411,649

    • 2008

      $168,134,040


  • Variable

    Value of Assets (thousands)

    • 2015

      $65,439,733

    • 2014

      $73,584,162

    • 2013

      $72,094,809

    • 2012

      $63,398,435

    • 2011

      $61,210,992

    • 2010

      $62,058,277

    • 2009

      $54,643,908

    • 2008

      $48,685,972


  • Variable

    Market Pension Debt (thousands)

    • 2015

      $166,862,555

    • 2014

      $154,621,201

    • 2013

      $132,233,463

    • 2012

      $159,467,647

    • 2011

      $113,409,795

    • 2010

      $104,531,531

    • 2009

      $90,767,741

    • 2008

      $119,448,068


  • Variable

    Market Discount Rate

    • 2015

      2.75%

    • 2014

      3.00%

    • 2013

      3.25%

    • 2012

      2.50%

    • 2011

      4.00%

    • 2010

      3.75%

    • 2009

      4.25%

    • 2008

      4.50%


  • Variable

    Actuarial Liability (thousands)

    • 2015

      $127,312,199

    • 2014

      $117,978,691

    • 2013

      $108,434,640

    • 2012

      $106,934,950

    • 2011

      $102,684,353

    • 2010

      $94,593,357

    • 2009

      $88,431,231

    • 2008

      $105,736,589


  • Variable

    Actuarial Pension Debt (thousands)

    • 2015

      $61,872,465

    • 2014

      $44,394,529

    • 2013

      $36,339,831

    • 2012

      $43,536,515

    • 2011

      $41,473,361

    • 2010

      $32,535,080

    • 2009

      $33,787,323

    • 2008

      $57,050,616


  • Variable

    Assumed Rate of Return

    • 2015

      7.26%

    • 2014

      7.97%

    • 2013

      8.03%

    • 2012

      8.02%

    • 2011

      8.02%

    • 2010

      8.03%

    • 2009

      8.02%

    • 2008

      8.02%


*Recommended not to combine dollar and other categories.

Funded Ratios

Variable 2013 2014 2015
Market Funded Ratio 35.3% 32.2% 28.2%
Actuarial Funded Ratio 66.5% 62.4% 51.4%
  • Variable

    Market Funded Ratio

    • 2015

      28.2%

    • 2014

      32.2%

    • 2013

      35.3%

    • 2012

      28.5%

    • 2011

      35.1%

    • 2010

      37.3%

    • 2009

      37.6%

    • 2008

      29.0%


  • Variable

    Actuarial Funded Ratio

    • 2015

      51.4%

    • 2014

      62.4%

    • 2013

      66.5%

    • 2012

      59.3%

    • 2011

      59.6%

    • 2010

      65.6%

    • 2009

      61.8%

    • 2008

      46.0%


*Recommended not to combine dollar and other categories.

State Demographics

Variable 2013 2014 2015
Population 6,755,124 6,794,422 6,794,422
Households 2,536,321 2,549,336 2,564,167
  • Variable

    Population

    • 2015

      6,794,422

    • 2014

      6,794,422

    • 2013

      6,755,124

    • 2012

      6,655,829

    • 2011

      6,612,270

    • 2010

      6,564,073

    • 2009

      6,517,613

    • 2008

      6,468,967


  • Variable

    Households

    • 2015

      2,564,167

    • 2014

      2,549,336

    • 2013

      2,536,321

    • 2012

      2,522,394

    • 2011

      2,532,067

    • 2010

      2,520,419

    • 2009

      2,475,492

    • 2008

      2,467,323


*Recommended not to combine dollar and other categories.

Budget & Revenue

Variable 2013 2014 2015
State General Fund Expenditures (thousands) $27,326,000 $28,534,000 $30,330,000
State Total Expenditures (thousands) $54,636,000 $56,250,000 $57,305,000
State Total General Fund Revenues (thousands) $36,727,000 $38,778,000 $41,081,000
  • Variable

    State General Fund Expenditures (thousands)

    • 2015

      $30,330,000

    • 2014

      $28,534,000

    • 2013

      $27,326,000

    • 2012

      $25,826,000

    • 2011

      $21,997,000

    • 2010

      $21,874,000

    • 2009

      $29,662,000

    • 2008

      $28,934,000


  • Variable

    State Total Expenditures (thousands)

    • 2015

      $57,305,000

    • 2014

      $56,250,000

    • 2013

      $54,636,000

    • 2012

      $57,113,000

    • 2011

      $55,574,000

    • 2010

      $51,278,000

    • 2009

      $48,642,000

    • 2008

      $43,807,000


  • Variable

    State Total General Fund Revenues (thousands)

    • 2015

      $41,081,000

    • 2014

      $38,778,000

    • 2013

      $36,727,000

    • 2012

      $33,294,000

    • 2011

      $25,197,000

    • 2010

      $18,544,000

    • 2009

      $18,259,000

    • 2008

      $20,879,000


*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable 2013 2014 2015
Market Pension Debt/Household $52,136 $60,652 $65,075
Market Pension Debt/Capita $19,575 $22,757 $24,559
Market Pension Debt/State General Fund Expenditures 4.84 5.42 5.50  
Market Pension Debt/State Total Expenditures 2.42 2.75 2.91
Market Pension Debt/State Total General Fund Revenues 3.60 3.99 4.06
Actuarial Pension Debt/Household $14,328 $17,414 $24,130
Actuarial Pension Debt/Capita $5,380 $6,534 $9,106
Actuarial Pension Debt/State General Fund Expenditures 1.33 1.56 2.04
Actuarial Pension Debt/State Total Expenditures 0.67 0.79 1.08
Actuarial Pension Debt/State Total General Fund Revenues 0.99 1.14 1.51
  • Variable

    Market Pension Debt/Household

    • 2015

      $65,075

    • 2014

      $60,652

    • 2013

      $52,136

    • 2012

      $63,221

    • 2011

      $44,789

    • 2010

      $41,474

    • 2009

      $36,667

    • 2008

      $48,412


  • Variable

    Market Pension Debt/Capita

    • 2015

      $24,559

    • 2014

      $22,757

    • 2013

      $19,575

    • 2012

      $23,959

    • 2011

      $17,151

    • 2010

      $15,925

    • 2009

      $13,927

    • 2008

      $18,465


  • Variable

    Market Pension Debt/State General Fund Expenditures

    • 2015

      5.50

    • 2014

      5.42

    • 2013

      4.84

    • 2012

      6.17

    • 2011

      5.16

    • 2010

      4.78

    • 2009

      3.06

    • 2008

      4.13


  • Variable

    Market Pension Debt/State Total Expenditures

    • 2015

      2.91

    • 2014

      2.75

    • 2013

      2.42

    • 2012

      2.79

    • 2011

      2.04

    • 2010

      2.04

    • 2009

      1.87

    • 2008

      2.73


  • Variable

    Market Pension Debt/State Total General Fund Revenues

    • 2015

      4.06

    • 2014

      3.99

    • 2013

      3.60

    • 2012

      4.79

    • 2011

      4.50

    • 2010

      5.64

    • 2009

      4.97

    • 2008

      5.72


  • Variable

    Actuarial Pension Debt/Household

    • 2015

      $24,130

    • 2014

      $17,414

    • 2013

      $14,328

    • 2012

      $17,260

    • 2011

      $16,379

    • 2010

      $12,909

    • 2009

      $13,649

    • 2008

      $23,122


  • Variable

    Actuarial Pension Debt/Capita

    • 2015

      $9,106

    • 2014

      $6,534

    • 2013

      $5,380

    • 2012

      $6,541

    • 2011

      $6,272

    • 2010

      $4,957

    • 2009

      $5,184

    • 2008

      $8,819


  • Variable

    Actuarial Pension Debt/State General Fund Expenditures

    • 2015

      2.04

    • 2014

      1.56

    • 2013

      1.33

    • 2012

      1.69

    • 2011

      1.89

    • 2010

      1.49

    • 2009

      1.14

    • 2008

      1.97


  • Variable

    Actuarial Pension Debt/State Total Expenditures

    • 2015

      1.08

    • 2014

      0.79

    • 2013

      0.67

    • 2012

      0.76

    • 2011

      0.75

    • 2010

      0.63

    • 2009

      0.69

    • 2008

      1.30


  • Variable

    Actuarial Pension Debt/State Total General Fund Revenues

    • 2015

      1.51

    • 2014

      1.14

    • 2013

      0.99

    • 2012

      1.31

    • 2011

      1.65

    • 2010

      1.75

    • 2009

      1.85

    • 2008

      2.73


*Recommended not to combine dollar and other categories.

Pension Tracker

Stanford Institute for Economic Policy Research
366 Galvez Street
Stanford, CA  94305-6050
admin@pensiontracker.org