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.

United States, All State and Local Systems

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Detailed Table

Assets, Liabilities and Unfunded Liabilities

Variable 2012 2013 2014
Market Liability (thousands) $7,925,461,754 $7,588,298,928 $8,251,387,641
Value of Assets (thousands) $2,803,455,687 $3,071,574,658 $3,418,122,987
Market Pension Debt (thousands) $5,122,006,067 $4,516,724,270 $4,833,264,654
Market Discount Rate 2.50% 3.20% 3.00%
Actuarial Liability (thousands) $3,984,716,547 $4,236,172,418 $4,458,424,045
Actuarial Pension Debt (thousands) $1,181,260,861 $1,164,597,759 $1,040,301,058
Assumed Rate of Return 7.66% 7.64% 7.63%
  • Variable

    Market Liability (thousands)

    • 2014

      $8,251,387,641

    • 2013

      $7,588,298,928

    • 2012

      $7,925,461,754

    • 2011

      $6,368,929,473

    • 2010

      $8,148,746,950

    • 2009

      $5,760,973,173

    • 2008

      $5,297,507,470


  • Variable

    Value of Assets (thousands)

    • 2014

      $3,418,122,987

    • 2013

      $3,071,574,658

    • 2012

      $2,803,455,687

    • 2011

      $2,797,303,026

    • 2010

      $2,458,981,233

    • 2009

      $2,215,021,413

    • 2008

      $2,672,543,830


  • Variable

    Market Pension Debt (thousands)

    • 2014

      $4,833,264,654

    • 2013

      $4,516,724,270

    • 2012

      $5,122,006,067

    • 2011

      $3,571,626,447

    • 2010

      $5,689,765,717

    • 2009

      $3,545,951,760

    • 2008

      $2,624,963,640


  • Variable

    Market Discount Rate

    • 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)

    • 2014

      $4,458,424,045

    • 2013

      $4,236,172,418

    • 2012

      $3,984,716,547

    • 2011

      $3,898,960,428

    • 2010

      $4,779,580,683

    • 2009

      $3,586,265,475

    • 2008

      $3,427,969,839


  • Variable

    Actuarial Pension Debt (thousands)

    • 2014

      $1,040,301,058

    • 2013

      $1,164,597,759

    • 2012

      $1,181,260,861

    • 2011

      $1,101,657,403

    • 2010

      $2,320,599,450

    • 2009

      $1,371,244,062

    • 2008

      $755,426,009


  • Variable

    Assumed Rate of Return

    • 2014

      7.63%

    • 2013

      7.64%

    • 2012

      7.66%

    • 2011

      7.71%

    • 2010

      7.78%

    • 2009

      7.84%

    • 2008

      7.80%


*Recommended not to combine dollar and other categories.

Funded Ratios

Variable 2012 2013 2014
Market Funded Ratio 35.4% 40.5% 41.4%
Actuarial Funded Ratio 70.4% 72.5% 76.7%
  • Variable

    Market Funded Ratio

    • 2014

      41.4%

    • 2013

      40.5%

    • 2012

      35.4%

    • 2011

      43.9%

    • 2010

      30.2%

    • 2009

      38.5%

    • 2008

      50.5%


  • Variable

    Actuarial Funded Ratio

    • 2014

      76.7%

    • 2013

      72.5%

    • 2012

      70.4%

    • 2011

      71.7%

    • 2010

      51.5%

    • 2009

      61.8%

    • 2008

      78.0%


*Recommended not to combine dollar and other categories.

State Demographics

Variable 2012 2013 2014
Population 314,112,078 316,427,395 318,907,401
Households 115,969,540 116,291,033 117,259,427
  • Variable

    Population

    • 2014

      318,907,401

    • 2013

      316,427,395

    • 2012

      314,112,078

    • 2011

      311,721,632

    • 2010

      309,347,057

    • 2009

      306,771,592

    • 2008

      304,093,966


  • Variable

    Households

    • 2014

      117,259,427

    • 2013

      116,291,033

    • 2012

      115,969,540

    • 2011

      114,991,725

    • 2010

      114,567,419

    • 2009

      113,616,229

    • 2008

      113,101,319


*Recommended not to combine dollar and other categories.

Budget & Revenue

Variable 2012 2013 2014
State General Fund Expenditures (thousands) $661,932,000 $686,643,000 $713,591,000
State Total Expenditures (thousands) $1,653,730,000 $1,670,762,000 $1,736,546,000
State Total General Fund Revenues (thousands) $672,757,000 $721,828,000 $734,889,000
  • Variable

    State General Fund Expenditures (thousands)

    • 2014

      $713,591,000

    • 2013

      $686,643,000

    • 2012

      $661,932,000

    • 2011

      $640,761,000

    • 2010

      $616,527,000

    • 2009

      $659,449,000

    • 2008

      $678,911,000


  • Variable

    State Total Expenditures (thousands)

    • 2014

      $1,736,546,000

    • 2013

      $1,670,762,000

    • 2012

      $1,653,730,000

    • 2011

      $1,672,045,000

    • 2010

      $1,617,118,000

    • 2009

      $1,558,416,000

    • 2008

      $1,478,782,000


  • Variable

    State Total General Fund Revenues (thousands)

    • 2014

      $734,889,000

    • 2013

      $721,828,000

    • 2012

      $672,757,000

    • 2011

      $647,721,000

    • 2010

      $592,843,000

    • 2009

      $603,293,000

    • 2008

      $670,486,000


*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable 2012 2013 2014
Market Pension Debt/Household $44,167 $38,840 $41,219
Market Pension Debt/Capita $16,306 $14,274 $15,156
Market Pension Debt/State General Fund Expenditures 7.74 6.58 6.77
Market Pension Debt/State Total Expenditures 3.10 2.70 2.78
Market Pension Debt/State Total General Fund Revenues 7.61 6.26 6.58
Actuarial Pension Debt/Household $10,186 $10,015 $8,872
Actuarial Pension Debt/Capita $3,761 $3,680 $3,262
Actuarial Pension Debt/State General Fund Expenditures 1.78 1.70 1.46
Actuarial Pension Debt/State Total Expenditures 0.71 0.70 0.60
Actuarial Pension Debt/State Total General Fund Revenues 1.76 1.61 1.42
  • Variable

    Market Pension Debt/Household

    • 2014

      $41,219

    • 2013

      $38,840

    • 2012

      $44,167

    • 2011

      $31,060

    • 2010

      $49,663

    • 2009

      $31,210

    • 2008

      $23,209


  • Variable

    Market Pension Debt/Capita

    • 2014

      $15,156

    • 2013

      $14,274

    • 2012

      $16,306

    • 2011

      $11,458

    • 2010

      $18,393

    • 2009

      $11,559

    • 2008

      $8,632


  • Variable

    Market Pension Debt/State General Fund Expenditures

    • 2014

      6.77

    • 2013

      6.58

    • 2012

      7.74

    • 2011

      5.57

    • 2010

      9.23

    • 2009

      5.38

    • 2008

      3.87


  • Variable

    Market Pension Debt/State Total Expenditures

    • 2014

      2.78

    • 2013

      2.70

    • 2012

      3.10

    • 2011

      2.14

    • 2010

      3.52

    • 2009

      2.28

    • 2008

      1.78


  • Variable

    Market Pension Debt/State Total General Fund Revenues

    • 2014

      6.58

    • 2013

      6.26

    • 2012

      7.61

    • 2011

      5.51

    • 2010

      9.60

    • 2009

      5.88

    • 2008

      3.92


  • Variable

    Actuarial Pension Debt/Household

    • 2014

      $8,872

    • 2013

      $10,015

    • 2012

      $10,186

    • 2011

      $9,580

    • 2010

      $20,255

    • 2009

      $12,069

    • 2008

      $6,679


  • Variable

    Actuarial Pension Debt/Capita

    • 2014

      $3,262

    • 2013

      $3,680

    • 2012

      $3,761

    • 2011

      $3,534

    • 2010

      $7,502

    • 2009

      $4,470

    • 2008

      $2,484


  • Variable

    Actuarial Pension Debt/State General Fund Expenditures

    • 2014

      1.46

    • 2013

      1.70

    • 2012

      1.78

    • 2011

      1.72

    • 2010

      3.76

    • 2009

      2.08

    • 2008

      1.11


  • Variable

    Actuarial Pension Debt/State Total Expenditures

    • 2014

      0.60

    • 2013

      0.70

    • 2012

      0.71

    • 2011

      0.66

    • 2010

      1.44

    • 2009

      0.88

    • 2008

      0.51


  • Variable

    Actuarial Pension Debt/State Total General Fund Revenues

    • 2014

      1.42

    • 2013

      1.61

    • 2012

      1.76

    • 2011

      1.70

    • 2010

      3.91

    • 2009

      2.27

    • 2008

      1.13


*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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