U.S. Pension Tracker

Joe Nation, Ph.D.

Pension Tracker Project Director
Bill Lane Center for the West

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) 2019, the most recent available.

California, All State and Local Systems

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Plan : From year: to
Detailed Table

Assets, Liabilities and Unfunded Liabilities

Variable 2017 2018 2019
Market Liability (thousands) $1,966,856,890 $1,987,859,870 $2,106,214,699
Value of Assets (thousands) $811,649,048 $902,165,809 $945,978,654
Market Pension Debt (thousands) $1,155,207,842 $1,085,694,061 $1,160,236,045
Market Discount Rate 3.00% 3.25% 3.25%
Actuarial Liability (thousands) $1,165,105,942 $1,246,571,483 $1,307,256,546
Actuarial Pension Debt (thousands) $353,456,894 $344,405,674 $361,277,892
Assumed Rate of Return 7.23% 7.02% 7.11%
  • Variable

    Market Liability (thousands)

    • 2019

      $2,106,214,699

    • 2018

      $1,987,859,870

    • 2017

      $1,966,856,890

    • 2016

      $1,853,829,704

    • 2015

      $1,703,795,623

    • 2014

      $1,758,401,279

    • 2013

      $1,614,739,998

    • 2012

      $1,675,948,966

    • 2011

      $1,314,471,606

    • 2010

      $1,300,000,833

    • 2009

      $1,166,281,837

    • 2008

      $1,034,602,716


  • Variable

    Value of Assets (thousands)

    • 2019

      $945,978,654

    • 2018

      $902,165,809

    • 2017

      $811,649,048

    • 2016

      $719,469,884

    • 2015

      $731,381,481

    • 2014

      $767,060,186

    • 2013

      $664,135,372

    • 2012

      $606,342,011

    • 2011

      $616,950,284

    • 2010

      $514,527,091

    • 2009

      $465,242,054

    • 2008

      $594,300,114


  • Variable

    Market Pension Debt (thousands)

    • 2019

      $1,160,236,045

    • 2018

      $1,085,694,061

    • 2017

      $1,155,207,842

    • 2016

      $1,134,359,820

    • 2015

      $972,414,142

    • 2014

      $991,341,093

    • 2013

      $950,604,626

    • 2012

      $1,069,606,955

    • 2011

      $697,521,322

    • 2010

      $785,473,742

    • 2009

      $701,039,784

    • 2008

      $440,302,602


  • Variable

    Market Discount Rate

    • 2019

      3.25%

    • 2018

      3.25%

    • 2017

      3.00%

    • 2016

      3.00%

    • 2015

      3.25%

    • 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)

    • 2019

      $1,307,256,546

    • 2018

      $1,246,571,483

    • 2017

      $1,165,105,942

    • 2016

      $1,077,447,778

    • 2015

      $1,011,822,303

    • 2014

      $966,319,263

    • 2013

      $918,004,792

    • 2012

      $860,352,462

    • 2011

      $828,066,241

    • 2010

      $777,517,803

    • 2009

      $743,202,474

    • 2008

      $684,439,266


  • Variable

    Actuarial Pension Debt (thousands)

    • 2019

      $361,277,892

    • 2018

      $344,405,674

    • 2017

      $353,456,894

    • 2016

      $357,977,893

    • 2015

      $280,440,821

    • 2014

      $199,259,077

    • 2013

      $253,869,420

    • 2012

      $254,010,451

    • 2011

      $211,115,956

    • 2010

      $262,990,712

    • 2009

      $277,960,420

    • 2008

      $90,139,151


  • Variable

    Assumed Rate of Return

    • 2019

      7.11%

    • 2018

      7.02%

    • 2017

      7.23%

    • 2016

      7.39%

    • 2015

      7.47%

    • 2014

      7.50%

    • 2013

      7.50%

    • 2012

      7.50%

    • 2011

      7.49%

    • 2010

      7.63%

    • 2009

      7.66%

    • 2008

      7.63%


*Recommended not to combine dollar and other categories.

Funded Ratios

Variable 2017 2018 2019
Market Funded Ratio 41.3% 45.4% 44.9%
Actuarial Funded Ratio 69.7% 72.4% 72.4%
  • Variable

    Market Funded Ratio

    • 2019

      44.9%

    • 2018

      45.4%

    • 2017

      41.3%

    • 2016

      38.8%

    • 2015

      42.9%

    • 2014

      43.6%

    • 2013

      41.1%

    • 2012

      36.2%

    • 2011

      46.9%

    • 2010

      39.6%

    • 2009

      39.9%

    • 2008

      57.4%


  • Variable

    Actuarial Funded Ratio

    • 2019

      72.4%

    • 2018

      72.4%

    • 2017

      69.7%

    • 2016

      66.8%

    • 2015

      72.3%

    • 2014

      79.4%

    • 2013

      72.4%

    • 2012

      70.5%

    • 2011

      74.5%

    • 2010

      66.2%

    • 2009

      62.6%

    • 2008

      86.8%


*Recommended not to combine dollar and other categories.

State Demographics

Variable 2017 2018 2019
Population 39,536,653 39,557,045 39,512,223
Households 13,005,097 12,965,435 13,044,266
  • Variable

    Population

    • 2019

      39,512,223

    • 2018

      39,557,045

    • 2017

      39,536,653

    • 2016

      39,250,017

    • 2015

      39,144,818

    • 2014

      38,792,291

    • 2013

      38,414,128

    • 2012

      38,062,780

    • 2011

      37,701,901

    • 2010

      37,336,011

    • 2009

      36,961,229

    • 2008

      36,604,337


  • Variable

    Households

    • 2019

      13,044,266

    • 2018

      12,965,435

    • 2017

      13,005,097

    • 2016

      12,944,178

    • 2015

      12,874,593

    • 2014

      12,758,648

    • 2013

      12,650,592

    • 2012

      12,552,658

    • 2011

      12,468,743

    • 2010

      12,406,475

    • 2009

      12,214,891

    • 2008

      12,176,760


*Recommended not to combine dollar and other categories.

Budget & Revenue

Variable 2017 2018 2019
State General Fund Expenditures (thousands) $121,421,000 $124,755,530 $142,693,321
State Total Expenditures (thousands) $270,532,000 $269,667,382 $311,324,856
State Total General Fund Revenues (thousands) $118,539,000 $131,116,000 $138,046,000
  • Variable

    State General Fund Expenditures (thousands)

    • 2019

      $142,693,321

    • 2018

      $124,755,530

    • 2017

      $121,421,000

    • 2016

      $115,571,000

    • 2015

      $114,473,000

    • 2014

      $100,005,000

    • 2013

      $96,562,000

    • 2012

      $86,405,000

    • 2011

      $91,549,000

    • 2010

      $87,237,000

    • 2009

      $90,940,000

    • 2008

      $102,986,000


  • Variable

    State Total Expenditures (thousands)

    • 2019

      $311,324,856

    • 2018

      $269,667,382

    • 2017

      $270,532,000

    • 2016

      $265,894,000

    • 2015

      $258,639,000

    • 2014

      $215,393,000

    • 2013

      $211,432,000

    • 2012

      $199,425,000

    • 2011

      $215,745,000

    • 2010

      $206,089,000

    • 2009

      $195,476,000

    • 2008

      $194,276,000


  • Variable

    State Total General Fund Revenues (thousands)

    • 2019

      $138,046,000

    • 2018

      $131,116,000

    • 2017

      $118,539,000

    • 2016

      $115,500,000

    • 2015

      $111,307,000

    • 2014

      $103,375,000

    • 2013

      $99,402,000

    • 2012

      $86,786,000

    • 2011

      $93,443,000

    • 2010

      $87,046,000

    • 2009

      $82,772,000

    • 2008

      $102,522,000


*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable 2017 2018 2019
Market Pension Debt/Household $88,827 $83,738 $88,946
Market Pension Debt/Capita $29,219 $27,446 $29,364
Market Pension Debt/State General Fund Expenditures 9.51 8.70 8.13
Market Pension Debt/State Total Expenditures 4.27 4.03 3.73
Market Pension Debt/State Total General Fund Revenues 9.75 8.28 8.40
Actuarial Pension Debt/Household $27,178 $26,563 $27,696
Actuarial Pension Debt/Capita $8,940 $8,707 $9,143
Actuarial Pension Debt/State General Fund Expenditures 2.91 2.76 2.53
Actuarial Pension Debt/State Total Expenditures 1.31 1.28 1.16
Actuarial Pension Debt/State Total General Fund Revenues 2.98 2.63 2.62
  • Variable

    Market Pension Debt/Household

    • 2019

      $88,946

    • 2018

      $83,738

    • 2017

      $88,827

    • 2016

      $87,635

    • 2015

      $75,530

    • 2014

      $77,700

    • 2013

      $75,143

    • 2012

      $85,210

    • 2011

      $55,942

    • 2010

      $63,312

    • 2009

      $57,392

    • 2008

      $36,159


  • Variable

    Market Pension Debt/Capita

    • 2019

      $29,364

    • 2018

      $27,446

    • 2017

      $29,219

    • 2016

      $28,901

    • 2015

      $24,841

    • 2014

      $25,555

    • 2013

      $24,746

    • 2012

      $28,101

    • 2011

      $18,501

    • 2010

      $21,038

    • 2009

      $18,967

    • 2008

      $12,029


  • Variable

    Market Pension Debt/State General Fund Expenditures

    • 2019

      8.13

    • 2018

      8.70

    • 2017

      9.51

    • 2016

      9.82

    • 2015

      8.49

    • 2014

      9.91

    • 2013

      9.84

    • 2012

      12.38

    • 2011

      7.62

    • 2010

      9.00

    • 2009

      7.71

    • 2008

      4.28


  • Variable

    Market Pension Debt/State Total Expenditures

    • 2019

      3.73

    • 2018

      4.03

    • 2017

      4.27

    • 2016

      4.27

    • 2015

      3.76

    • 2014

      4.60

    • 2013

      4.50

    • 2012

      5.36

    • 2011

      3.23

    • 2010

      3.81

    • 2009

      3.59

    • 2008

      2.27


  • Variable

    Market Pension Debt/State Total General Fund Revenues

    • 2019

      8.40

    • 2018

      8.28

    • 2017

      9.75

    • 2016

      9.82

    • 2015

      8.74

    • 2014

      9.59

    • 2013

      9.56

    • 2012

      12.32

    • 2011

      7.46

    • 2010

      9.02

    • 2009

      8.47

    • 2008

      4.29


  • Variable

    Actuarial Pension Debt/Household

    • 2019

      $27,696

    • 2018

      $26,563

    • 2017

      $27,178

    • 2016

      $27,656

    • 2015

      $21,783

    • 2014

      $15,618

    • 2013

      $20,068

    • 2012

      $20,236

    • 2011

      $16,932

    • 2010

      $21,198

    • 2009

      $22,756

    • 2008

      $7,403


  • Variable

    Actuarial Pension Debt/Capita

    • 2019

      $9,143

    • 2018

      $8,707

    • 2017

      $8,940

    • 2016

      $9,120

    • 2015

      $7,164

    • 2014

      $5,137

    • 2013

      $6,609

    • 2012

      $6,673

    • 2011

      $5,600

    • 2010

      $7,044

    • 2009

      $7,520

    • 2008

      $2,463


  • Variable

    Actuarial Pension Debt/State General Fund Expenditures

    • 2019

      2.53

    • 2018

      2.76

    • 2017

      2.91

    • 2016

      3.10

    • 2015

      2.45

    • 2014

      1.99

    • 2013

      2.63

    • 2012

      2.94

    • 2011

      2.31

    • 2010

      3.01

    • 2009

      3.06

    • 2008

      0.88


  • Variable

    Actuarial Pension Debt/State Total Expenditures

    • 2019

      1.16

    • 2018

      1.28

    • 2017

      1.31

    • 2016

      1.35

    • 2015

      1.08

    • 2014

      0.93

    • 2013

      1.20

    • 2012

      1.27

    • 2011

      0.98

    • 2010

      1.28

    • 2009

      1.42

    • 2008

      0.46


  • Variable

    Actuarial Pension Debt/State Total General Fund Revenues

    • 2019

      2.62

    • 2018

      2.63

    • 2017

      2.98

    • 2016

      3.10

    • 2015

      2.52

    • 2014

      1.93

    • 2013

      2.55

    • 2012

      2.93

    • 2011

      2.26

    • 2010

      3.02

    • 2009

      3.36

    • 2008

      0.88


*Recommended not to combine dollar and other categories.

Pension Tracker

Bill Lane Center for the West
473 Via Ortega, First Floor
Stanford, CA 94305-4225
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