U.S. Pension Tracker

Joe Nation, Ph.D.

Project Director
Stanford Institute for
Economic Policy Research

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Massachusetts, All State and Local Systems

Plan : From year: to

Detailed Table

Assets, Liabilities and Unfunded Liabilities

Variable	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
Market Liability (thousands)	$168,134,040	$145,411,649	$166,589,808	$174,620,787	$222,866,082	$204,328,272	$228,205,363	$211,016,039	$234,671,994	$229,299,464	$225,241,583
Value of Assets (thousands)	$48,685,972	$54,643,908	$62,058,277	$61,210,992	$63,398,435	$72,094,809	$73,584,162	$72,770,833	$75,686,001	$79,817,127	$84,320,518
Market Pension Debt (thousands)	$119,448,068	$90,767,741	$104,531,531	$113,409,795	$159,467,647	$132,233,463	$154,621,201	$138,245,207	$158,985,993	$149,482,338	$140,921,064
Market Discount Rate	4.50%	4.20%	3.70%	4.00%	2.50%	3.20%	3.00%	3.25%	3.00%	3.00%	3.25%
Actuarial Liability (thousands)	$105,736,589	$88,431,231	$94,593,357	$102,684,353	$106,934,950	$108,434,640	$117,978,691	$127,845,059	$134,196,239	$132,310,704	$135,562,848
Actuarial Pension Debt (thousands)	$57,050,616	$33,787,323	$32,535,080	$41,473,361	$43,536,515	$36,339,831	$44,394,529	$55,074,226	$58,510,239	$52,493,578	$51,242,330
Assumed Rate of Return	8.02%	8.02%	8.03%	8.02%	8.02%	8.03%	7.97%	7.31%	7.52%	7.45%	7.36%

Variable
Market Liability (thousands)
- 2018
  $225,241,583
- 2017
  $229,299,464
- 2016
  $234,671,994
- 2015
  $211,016,039
- 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)
- 2018
  $84,320,518
- 2017
  $79,817,127
- 2016
  $75,686,001
- 2015
  $72,770,833
- 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)
- 2018
  $140,921,064
- 2017
  $149,482,338
- 2016
  $158,985,993
- 2015
  $138,245,207
- 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
- 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)
- 2018
  $135,562,848
- 2017
  $132,310,704
- 2016
  $134,196,239
- 2015
  $127,845,059
- 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)
- 2018
  $51,242,330
- 2017
  $52,493,578
- 2016
  $58,510,239
- 2015
  $55,074,226
- 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
- 2018
  7.36%
- 2017
  7.45%
- 2016
  7.52%
- 2015
  7.31%
- 2014
  7.97%
- 2013
  8.03%
- 2012
  8.02%
- 2011
  8.02%
- 2010
  8.03%
- 2009
  8.02%
- 2008
  8.02%

Graph Selected Categories*

*Recommended not to combine dollar and other categories.

Funded Ratios

Variable	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
Market Funded Ratio	29.0%	37.6%	37.3%	35.1%	28.5%	35.3%	32.2%	34.5%	32.3%	34.8%	37.4%
Actuarial Funded Ratio	46.0%	61.8%	65.6%	59.6%	59.3%	66.5%	62.4%	56.9%	56.4%	60.3%	62.2%

Variable
Market Funded Ratio
- 2018
  37.4%
- 2017
  34.8%
- 2016
  32.3%
- 2015
  34.5%
- 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
- 2018
  62.2%
- 2017
  60.3%
- 2016
  56.4%
- 2015
  56.9%
- 2014
  62.4%
- 2013
  66.5%
- 2012
  59.3%
- 2011
  59.6%
- 2010
  65.6%
- 2009
  61.8%
- 2008
  46.0%

Graph Selected Categories*

*Recommended not to combine dollar and other categories.

State Demographics

Variable	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
Population	6,468,967	6,517,613	6,564,073	6,612,270	6,655,829	6,708,810	6,755,124	6,814,185	6,820,480	6,871,914	6,912,797
Households	2,467,323	2,475,492	2,520,419	2,532,067	2,522,394	2,536,321	2,549,336	2,571,625	2,578,352	2,604,023	2,620,264

Variable
Population
- 2018
  6,912,797
- 2017
  6,871,914
- 2016
  6,820,480
- 2015
  6,814,185
- 2014
  6,755,124
- 2013
  6,708,810
- 2012
  6,655,829
- 2011
  6,612,270
- 2010
  6,564,073
- 2009
  6,517,613
- 2008
  6,468,967

Variable
Households
- 2018
  2,620,264
- 2017
  2,604,023
- 2016
  2,578,352
- 2015
  2,571,625
- 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

Graph Selected Categories*

*Recommended not to combine dollar and other categories.

Budget & Revenue

Variable	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
State General Fund Expenditures (thousands)	$28,934,000	$29,662,000	$21,874,000	$21,997,000	$25,826,000	$27,326,000	$28,534,000	$30,330,000	$30,561,000	$29,788,000	$27,196,000
State Total Expenditures (thousands)	$43,807,000	$48,642,000	$51,278,000	$55,574,000	$57,113,000	$54,636,000	$56,250,000	$57,305,000	$60,403,000	$61,964,000	$57,125,000
State Total General Fund Revenues (thousands)	$20,879,000	$18,259,000	$18,544,000	$25,197,000	$33,294,000	$36,727,000	$38,778,000	$41,081,000	$40,366,000	$23,769,000	$32,442,360

Variable
State General Fund Expenditures (thousands)
- 2018
  $27,196,000
- 2017
  $29,788,000
- 2016
  $30,561,000
- 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)
- 2018
  $57,125,000
- 2017
  $61,964,000
- 2016
  $60,403,000
- 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)
- 2018
  $32,442,360
- 2017
  $23,769,000
- 2016
  $40,366,000
- 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

Graph Selected Categories*

*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
Market Pension Debt/Household	$48,412	$36,667	$41,474	$44,789	$63,221	$52,136	$60,652	$53,758	$61,662	$57,404	$53,781
Market Pension Debt/Capita	$18,465	$13,927	$15,925	$17,151	$23,959	$19,710	$22,889	$20,288	$23,310	$21,753	$20,386
Market Pension Debt/State General Fund Expenditures	4.13	3.06	4.78	5.16	6.17	4.84	5.42	4.56	5.20	5.02	5.18
Market Pension Debt/State Total Expenditures	2.73	1.87	2.04	2.04	2.79	2.42	2.75	2.41	2.63	2.41	2.47
Market Pension Debt/State Total General Fund Revenues	5.72	4.97	5.64	4.50	4.79	3.60	3.99	3.37	3.94	6.29	4.34

Actuarial Pension Debt/Household	$23,122	$13,649	$12,909	$16,379	$17,260	$14,328	$17,414	$21,416	$22,693	$20,159	$19,556
Actuarial Pension Debt/Capita	$8,819	$5,184	$4,957	$6,272	$6,541	$5,417	$6,572	$8,082	$8,579	$7,639	$7,413
Actuarial Pension Debt/State General Fund Expenditures	1.97	1.14	1.49	1.89	1.69	1.33	1.56	1.82	1.91	1.76	1.88
Actuarial Pension Debt/State Total Expenditures	1.30	0.69	0.63	0.75	0.76	0.67	0.79	0.96	0.97	0.85	0.90
Actuarial Pension Debt/State Total General Fund Revenues	2.73	1.85	1.75	1.65	1.31	0.99	1.14	1.34	1.45	2.21	1.58

Variable
Market Pension Debt/Household
- 2018
  $53,781
- 2017
  $57,404
- 2016
  $61,662
- 2015
  $53,758
- 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
- 2018
  $20,386
- 2017
  $21,753
- 2016
  $23,310
- 2015
  $20,288
- 2014
  $22,889
- 2013
  $19,710
- 2012
  $23,959
- 2011
  $17,151
- 2010
  $15,925
- 2009
  $13,927
- 2008
  $18,465

Variable
Market Pension Debt/State General Fund Expenditures
- 2018
  5.18
- 2017
  5.02
- 2016
  5.20
- 2015
  4.56
- 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
- 2018
  2.47
- 2017
  2.41
- 2016
  2.63
- 2015
  2.41
- 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
- 2018
  4.34
- 2017
  6.29
- 2016
  3.94
- 2015
  3.37
- 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
- 2018
  $19,556
- 2017
  $20,159
- 2016
  $22,693
- 2015
  $21,416
- 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
- 2018
  $7,413
- 2017
  $7,639
- 2016
  $8,579
- 2015
  $8,082
- 2014
  $6,572
- 2013
  $5,417
- 2012
  $6,541
- 2011
  $6,272
- 2010
  $4,957
- 2009
  $5,184
- 2008
  $8,819

Variable
Actuarial Pension Debt/State General Fund Expenditures
- 2018
  1.88
- 2017
  1.76
- 2016
  1.91
- 2015
  1.82
- 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
- 2018
  0.90
- 2017
  0.85
- 2016
  0.97
- 2015
  0.96
- 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
- 2018
  1.58
- 2017
  2.21
- 2016
  1.45
- 2015
  1.34
- 2014
  1.14
- 2013
  0.99
- 2012
  1.31
- 2011
  1.65
- 2010
  1.75
- 2009
  1.85
- 2008
  2.73

Graph Selected Categories*

*Recommended not to combine dollar and other categories.

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Pension Tracker

Stanford Institute for Economic Policy Research
366 Galvez Street
Stanford, CA 94305-6050
Contact

Joe Nation, Ph.D.

Massachusetts, All State and Local Systems

Assets, Liabilities and Unfunded Liabilities

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