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) 2016, the most recent available.

Maryland, All State and Local Systems

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Plan : From year: to
Detailed Table

Assets, Liabilities and Unfunded Liabilities

Variable 2014 2015 2016
Market Liability (thousands) $156,076,521 $179,089,364 $208,980,164
Value of Assets (thousands) $60,714,638 $64,221,045 $64,167,716
Market Pension Debt (thousands) $95,361,883 $114,868,319 $144,812,448
Market Discount Rate 3.00% 2.75% 1.75%
Actuarial Liability (thousands) $84,112,830 $93,289,541 $96,166,970
Actuarial Pension Debt (thousands) $23,398,192 $29,068,497 $31,999,255
Assumed Rate of Return 7.65% 7.65% 7.55%
  • Variable

    Market Liability (thousands)

    • 2016

      $208,980,164

    • 2015

      $179,089,364

    • 2014

      $156,076,521

    • 2013

      $145,591,612

    • 2012

      $154,446,418

    • 2011

      $119,888,034

    • 2010

      $122,583,002

    • 2009

      $110,802,258

    • 2008

      $103,754,644


  • Variable

    Value of Assets (thousands)

    • 2016

      $64,167,716

    • 2015

      $64,221,045

    • 2014

      $60,714,638

    • 2013

      $54,375,887

    • 2012

      $49,165,404

    • 2011

      $48,936,048

    • 2010

      $42,453,053

    • 2009

      $37,706,948

    • 2008

      $48,933,987


  • Variable

    Market Pension Debt (thousands)

    • 2016

      $144,812,448

    • 2015

      $114,868,319

    • 2014

      $95,361,883

    • 2013

      $91,215,725

    • 2012

      $105,281,014

    • 2011

      $70,951,986

    • 2010

      $80,129,949

    • 2009

      $73,095,310

    • 2008

      $54,820,657


  • Variable

    Market Discount Rate

    • 2016

      1.75%

    • 2015

      2.75%

    • 2014

      3.00%

    • 2013

      3.20%

    • 2012

      2.50%

    • 2011

      4.00%

    • 2010

      3.70%

    • 2009

      4.20%

    • 2008

      4.50%


  • Variable

    Actuarial Liability (thousands)

    • 2016

      $96,166,970

    • 2015

      $93,289,541

    • 2014

      $84,112,830

    • 2013

      $81,170,967

    • 2012

      $76,748,527

    • 2011

      $73,013,083

    • 2010

      $72,180,822

    • 2009

      $69,786,529

    • 2008

      $67,576,191


  • Variable

    Actuarial Pension Debt (thousands)

    • 2016

      $31,999,255

    • 2015

      $29,068,497

    • 2014

      $23,398,192

    • 2013

      $26,795,080

    • 2012

      $27,583,123

    • 2011

      $24,077,035

    • 2010

      $29,727,769

    • 2009

      $32,079,581

    • 2008

      $18,642,204


  • Variable

    Assumed Rate of Return

    • 2016

      7.55%

    • 2015

      7.65%

    • 2014

      7.65%

    • 2013

      7.65%

    • 2012

      7.75%

    • 2011

      7.75%

    • 2010

      7.75%

    • 2009

      7.75%

    • 2008

      7.75%


*Recommended not to combine dollar and other categories.

Funded Ratios

Variable 2014 2015 2016
Market Funded Ratio 38.9% 35.9% 30.7%
Actuarial Funded Ratio 72.2% 68.8% 66.7%
  • Variable

    Market Funded Ratio

    • 2016

      30.7%

    • 2015

      35.9%

    • 2014

      38.9%

    • 2013

      37.4%

    • 2012

      31.8%

    • 2011

      40.8%

    • 2010

      34.6%

    • 2009

      34.0%

    • 2008

      47.2%


  • Variable

    Actuarial Funded Ratio

    • 2016

      66.7%

    • 2015

      68.8%

    • 2014

      72.2%

    • 2013

      67.0%

    • 2012

      64.1%

    • 2011

      67.0%

    • 2010

      58.8%

    • 2009

      54.0%

    • 2008

      72.4%


*Recommended not to combine dollar and other categories.

State Demographics

Variable 2014 2015 2016
Population 5,975,346 6,006,401 6,016,447
Households 2,165,438 2,176,692 2,194,657
  • Variable

    Population

    • 2016

      6,016,447

    • 2015

      6,006,401

    • 2014

      5,975,346

    • 2013

      5,936,040

    • 2012

      5,891,819

    • 2011

      5,843,833

    • 2010

      5,788,101

    • 2009

      5,730,388

    • 2008

      5,684,965


  • Variable

    Households

    • 2016

      2,194,657

    • 2015

      2,176,692

    • 2014

      2,165,438

    • 2013

      2,161,680

    • 2012

      2,157,717

    • 2011

      2,134,517

    • 2010

      2,127,439

    • 2009

      2,095,122

    • 2008

      2,092,692


*Recommended not to combine dollar and other categories.

Budget & Revenue

Variable 2014 2015 2016
State General Fund Expenditures (thousands) $15,603,000 $15,998,000 $16,641,000
State Total Expenditures (thousands) $38,036,000 $41,553,000 $41,183,000
State Total General Fund Revenues (thousands) $15,106,000 $15,692,000 $16,198,000
  • Variable

    State General Fund Expenditures (thousands)

    • 2016

      $16,641,000

    • 2015

      $15,998,000

    • 2014

      $15,603,000

    • 2013

      $15,127,000

    • 2012

      $14,951,000

    • 2011

      $13,281,000

    • 2010

      $13,442,000

    • 2009

      $14,353,000

    • 2008

      $14,488,000


  • Variable

    State Total Expenditures (thousands)

    • 2016

      $41,183,000

    • 2015

      $41,553,000

    • 2014

      $38,036,000

    • 2013

      $36,287,000

    • 2012

      $34,872,000

    • 2011

      $33,840,000

    • 2010

      $33,159,000

    • 2009

      $31,933,000

    • 2008

      $30,408,000


  • Variable

    State Total General Fund Revenues (thousands)

    • 2016

      $16,198,000

    • 2015

      $15,692,000

    • 2014

      $15,106,000

    • 2013

      $14,885,000

    • 2012

      $14,257,000

    • 2011

      $13,537,000

    • 2010

      $12,587,000

    • 2009

      $12,900,000

    • 2008

      $13,546,000


*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable 2014 2015 2016
Market Pension Debt/Household $44,038 $52,772 $65,984
Market Pension Debt/Capita $15,959 $19,124 $24,069
Market Pension Debt/State General Fund Expenditures 6.11 7.18 8.70  
Market Pension Debt/State Total Expenditures 2.51 2.76 3.52
Market Pension Debt/State Total General Fund Revenues 6.31 7.32 8.94
Actuarial Pension Debt/Household $10,805 $13,354 $14,581
Actuarial Pension Debt/Capita $3,916 $4,840 $5,319
Actuarial Pension Debt/State General Fund Expenditures 1.50 1.82 1.92
Actuarial Pension Debt/State Total Expenditures 0.62 0.70 0.78
Actuarial Pension Debt/State Total General Fund Revenues 1.55 1.85 1.98
  • Variable

    Market Pension Debt/Household

    • 2016

      $65,984

    • 2015

      $52,772

    • 2014

      $44,038

    • 2013

      $42,197

    • 2012

      $48,793

    • 2011

      $33,240

    • 2010

      $37,665

    • 2009

      $34,888

    • 2008

      $26,196


  • Variable

    Market Pension Debt/Capita

    • 2016

      $24,069

    • 2015

      $19,124

    • 2014

      $15,959

    • 2013

      $15,366

    • 2012

      $17,869

    • 2011

      $12,141

    • 2010

      $13,844

    • 2009

      $12,756

    • 2008

      $9,643


  • Variable

    Market Pension Debt/State General Fund Expenditures

    • 2016

      8.70

    • 2015

      7.18

    • 2014

      6.11

    • 2013

      6.03

    • 2012

      7.04

    • 2011

      5.34

    • 2010

      5.96

    • 2009

      5.09

    • 2008

      3.78


  • Variable

    Market Pension Debt/State Total Expenditures

    • 2016

      3.52

    • 2015

      2.76

    • 2014

      2.51

    • 2013

      2.51

    • 2012

      3.02

    • 2011

      2.10

    • 2010

      2.42

    • 2009

      2.29

    • 2008

      1.80


  • Variable

    Market Pension Debt/State Total General Fund Revenues

    • 2016

      8.94

    • 2015

      7.32

    • 2014

      6.31

    • 2013

      6.13

    • 2012

      7.38

    • 2011

      5.24

    • 2010

      6.37

    • 2009

      5.67

    • 2008

      4.05


  • Variable

    Actuarial Pension Debt/Household

    • 2016

      $14,581

    • 2015

      $13,354

    • 2014

      $10,805

    • 2013

      $12,395

    • 2012

      $12,783

    • 2011

      $11,280

    • 2010

      $13,974

    • 2009

      $15,312

    • 2008

      $8,908


  • Variable

    Actuarial Pension Debt/Capita

    • 2016

      $5,319

    • 2015

      $4,840

    • 2014

      $3,916

    • 2013

      $4,514

    • 2012

      $4,682

    • 2011

      $4,120

    • 2010

      $5,136

    • 2009

      $5,598

    • 2008

      $3,279


  • Variable

    Actuarial Pension Debt/State General Fund Expenditures

    • 2016

      1.92

    • 2015

      1.82

    • 2014

      1.50

    • 2013

      1.77

    • 2012

      1.84

    • 2011

      1.81

    • 2010

      2.21

    • 2009

      2.24

    • 2008

      1.29


  • Variable

    Actuarial Pension Debt/State Total Expenditures

    • 2016

      0.78

    • 2015

      0.70

    • 2014

      0.62

    • 2013

      0.74

    • 2012

      0.79

    • 2011

      0.71

    • 2010

      0.90

    • 2009

      1.00

    • 2008

      0.61


  • Variable

    Actuarial Pension Debt/State Total General Fund Revenues

    • 2016

      1.98

    • 2015

      1.85

    • 2014

      1.55

    • 2013

      1.80

    • 2012

      1.93

    • 2011

      1.78

    • 2010

      2.36

    • 2009

      2.49

    • 2008

      1.38


*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