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.

Vermont, 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) $12,244,865 $12,444,837 $13,055,570
Value of Assets (thousands) $4,404,256 $4,656,165 $4,794,307
Market Pension Debt (thousands) $7,840,609 $7,788,672 $8,261,264
Market Discount Rate 3.00% 3.25% 3.25%
Actuarial Liability (thousands) $7,023,084 $7,366,309 $7,727,813
Actuarial Pension Debt (thousands) $2,618,829 $2,710,145 $2,933,506
Assumed Rate of Return 7.50% 7.50% 7.50%
  • Variable

    Market Liability (thousands)

    • 2019

      $13,055,570

    • 2018

      $12,444,837

    • 2017

      $12,244,865

    • 2016

      $11,763,927

    • 2015

      $10,732,481

    • 2014

      $9,232,937

    • 2013

      $7,800,153

    • 2012

      $7,661,733

    • 2011

      $8,114,855

    • 2010

      $7,682,702

    • 2009

      $7,039,413

    • 2008

      $6,432,134


  • Variable

    Value of Assets (thousands)

    • 2019

      $4,794,307

    • 2018

      $4,656,165

    • 2017

      $4,404,256

    • 2016

      $4,051,459

    • 2015

      $4,063,840

    • 2014

      $4,066,406

    • 2013

      $3,636,970

    • 2012

      $3,424,829

    • 2011

      $3,360,967

    • 2010

      $2,891,403

    • 2009

      $2,521,418

    • 2008

      $3,218,407


  • Variable

    Market Pension Debt (thousands)

    • 2019

      $8,261,264

    • 2018

      $7,788,672

    • 2017

      $7,840,609

    • 2016

      $7,712,468

    • 2015

      $6,668,642

    • 2014

      $5,166,531

    • 2013

      $4,163,183

    • 2012

      $4,236,904

    • 2011

      $4,753,888

    • 2010

      $4,791,299

    • 2009

      $4,517,995

    • 2008

      $3,213,727


  • 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

      $7,727,813

    • 2018

      $7,366,309

    • 2017

      $7,023,084

    • 2016

      $6,390,603

    • 2015

      $6,016,952

    • 2014

      $5,494,674

    • 2013

      $5,223,467

    • 2012

      $4,955,767

    • 2011

      $4,649,884

    • 2010

      $4,256,396

    • 2009

      $4,171,535

    • 2008

      $3,941,647


  • Variable

    Actuarial Pension Debt (thousands)

    • 2019

      $2,933,506

    • 2018

      $2,710,145

    • 2017

      $2,618,829

    • 2016

      $2,339,144

    • 2015

      $1,953,112

    • 2014

      $1,428,268

    • 2013

      $1,586,497

    • 2012

      $1,530,937

    • 2011

      $1,288,917

    • 2010

      $1,364,993

    • 2009

      $1,650,117

    • 2008

      $723,241


  • Variable

    Assumed Rate of Return

    • 2019

      7.50%

    • 2018

      7.50%

    • 2017

      7.50%

    • 2016

      7.95%

    • 2015

      7.95%

    • 2014

      6.89%

    • 2013

      6.25%

    • 2012

      5.74%

    • 2011

      8.22%

    • 2010

      8.22%

    • 2009

      8.22%

    • 2008

      8.22%


*Recommended not to combine dollar and other categories.

Funded Ratios

Variable 2017 2018 2019
Market Funded Ratio 36.0% 37.4% 36.7%
Actuarial Funded Ratio 62.7% 63.2% 62.0%
  • Variable

    Market Funded Ratio

    • 2019

      36.7%

    • 2018

      37.4%

    • 2017

      36.0%

    • 2016

      34.4%

    • 2015

      37.9%

    • 2014

      44.0%

    • 2013

      46.6%

    • 2012

      44.7%

    • 2011

      41.4%

    • 2010

      37.6%

    • 2009

      35.8%

    • 2008

      50.0%


  • Variable

    Actuarial Funded Ratio

    • 2019

      62.0%

    • 2018

      63.2%

    • 2017

      62.7%

    • 2016

      63.4%

    • 2015

      67.5%

    • 2014

      74.0%

    • 2013

      69.6%

    • 2012

      69.1%

    • 2011

      72.3%

    • 2010

      67.9%

    • 2009

      60.4%

    • 2008

      81.7%


*Recommended not to combine dollar and other categories.

State Demographics

Variable 2017 2018 2019
Population 623,189 627,626 623,989
Households 255,356 259,202 260,029
  • Variable

    Population

    • 2019

      623,989

    • 2018

      627,626

    • 2017

      623,189

    • 2016

      624,594

    • 2015

      626,042

    • 2014

      626,767

    • 2013

      627,129

    • 2012

      626,138

    • 2011

      626,450

    • 2010

      625,792

    • 2009

      624,817

    • 2008

      624,151


  • Variable

    Households

    • 2019

      260,029

    • 2018

      259,202

    • 2017

      255,356

    • 2016

      254,851

    • 2015

      256,931

    • 2014

      257,229

    • 2013

      253,234

    • 2012

      258,520

    • 2011

      257,358

    • 2010

      256,922

    • 2009

      251,736

    • 2008

      249,986


*Recommended not to combine dollar and other categories.

Budget & Revenue

Variable 2017 2018 2019
State General Fund Expenditures (thousands) $1,498,000 $1,587,000 $1,650,000
State Total Expenditures (thousands) $5,557,000 $5,675,000 $5,836,000
State Total General Fund Revenues (thousands) $1,457,000 $1,559,000 $1,611,000
  • Variable

    State General Fund Expenditures (thousands)

    • 2019

      $1,650,000

    • 2018

      $1,587,000

    • 2017

      $1,498,000

    • 2016

      $1,465,000

    • 2015

      $1,413,000

    • 2014

      $1,392,000

    • 2013

      $1,352,000

    • 2012

      $1,277,000

    • 2011

      $744,000

    • 2010

      $774,000

    • 2009

      $773,000

    • 2008

      $1,225,000


  • Variable

    State Total Expenditures (thousands)

    • 2019

      $5,836,000

    • 2018

      $5,675,000

    • 2017

      $5,557,000

    • 2016

      $5,562,000

    • 2015

      $5,429,000

    • 2014

      $5,271,000

    • 2013

      $4,965,000

    • 2012

      $5,017,000

    • 2011

      $4,860,000

    • 2010

      $4,667,000

    • 2009

      $4,319,000

    • 2008

      $5,308,000


  • Variable

    State Total General Fund Revenues (thousands)

    • 2019

      $1,611,000

    • 2018

      $1,559,000

    • 2017

      $1,457,000

    • 2016

      $1,476,000

    • 2015

      $1,376,000

    • 2014

      $1,329,000

    • 2013

      $1,289,000

    • 2012

      $1,199,000

    • 2011

      $1,175,000

    • 2010

      $1,050,000

    • 2009

      $1,089,000

    • 2008

      $1,201,000


*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable 2017 2018 2019
Market Pension Debt/Household $30,705 $30,049 $31,771
Market Pension Debt/Capita $12,581 $12,410 $13,239
Market Pension Debt/State General Fund Expenditures 5.23 4.91 5.01
Market Pension Debt/State Total Expenditures 1.41 1.37 1.42
Market Pension Debt/State Total General Fund Revenues 5.38 5.00 5.13
Actuarial Pension Debt/Household $10,256 $10,456 $11,281
Actuarial Pension Debt/Capita $4,202 $4,318 $4,701
Actuarial Pension Debt/State General Fund Expenditures 1.75 1.71 1.78
Actuarial Pension Debt/State Total Expenditures 0.47 0.48 0.50
Actuarial Pension Debt/State Total General Fund Revenues 1.80 1.74 1.82
  • Variable

    Market Pension Debt/Household

    • 2019

      $31,771

    • 2018

      $30,049

    • 2017

      $30,705

    • 2016

      $30,263

    • 2015

      $25,955

    • 2014

      $20,085

    • 2013

      $16,440

    • 2012

      $16,389

    • 2011

      $18,472

    • 2010

      $18,649

    • 2009

      $17,947

    • 2008

      $12,856


  • Variable

    Market Pension Debt/Capita

    • 2019

      $13,239

    • 2018

      $12,410

    • 2017

      $12,581

    • 2016

      $12,348

    • 2015

      $10,652

    • 2014

      $8,243

    • 2013

      $6,638

    • 2012

      $6,767

    • 2011

      $7,589

    • 2010

      $7,656

    • 2009

      $7,231

    • 2008

      $5,149


  • Variable

    Market Pension Debt/State General Fund Expenditures

    • 2019

      5.01

    • 2018

      4.91

    • 2017

      5.23

    • 2016

      5.26

    • 2015

      4.72

    • 2014

      3.71

    • 2013

      3.08

    • 2012

      3.32

    • 2011

      6.39

    • 2010

      6.19

    • 2009

      5.84

    • 2008

      2.62


  • Variable

    Market Pension Debt/State Total Expenditures

    • 2019

      1.42

    • 2018

      1.37

    • 2017

      1.41

    • 2016

      1.39

    • 2015

      1.23

    • 2014

      0.98

    • 2013

      0.84

    • 2012

      0.84

    • 2011

      0.98

    • 2010

      1.03

    • 2009

      1.05

    • 2008

      0.61


  • Variable

    Market Pension Debt/State Total General Fund Revenues

    • 2019

      5.13

    • 2018

      5.00

    • 2017

      5.38

    • 2016

      5.23

    • 2015

      4.85

    • 2014

      3.89

    • 2013

      3.23

    • 2012

      3.53

    • 2011

      4.05

    • 2010

      4.56

    • 2009

      4.15

    • 2008

      2.68


  • Variable

    Actuarial Pension Debt/Household

    • 2019

      $11,281

    • 2018

      $10,456

    • 2017

      $10,256

    • 2016

      $9,178

    • 2015

      $7,602

    • 2014

      $5,553

    • 2013

      $6,265

    • 2012

      $5,922

    • 2011

      $5,008

    • 2010

      $5,313

    • 2009

      $6,555

    • 2008

      $2,893


  • Variable

    Actuarial Pension Debt/Capita

    • 2019

      $4,701

    • 2018

      $4,318

    • 2017

      $4,202

    • 2016

      $3,745

    • 2015

      $3,120

    • 2014

      $2,279

    • 2013

      $2,530

    • 2012

      $2,445

    • 2011

      $2,057

    • 2010

      $2,181

    • 2009

      $2,641

    • 2008

      $1,159


  • Variable

    Actuarial Pension Debt/State General Fund Expenditures

    • 2019

      1.78

    • 2018

      1.71

    • 2017

      1.75

    • 2016

      1.60

    • 2015

      1.38

    • 2014

      1.03

    • 2013

      1.17

    • 2012

      1.20

    • 2011

      1.73

    • 2010

      1.76

    • 2009

      2.13

    • 2008

      0.59


  • Variable

    Actuarial Pension Debt/State Total Expenditures

    • 2019

      0.50

    • 2018

      0.48

    • 2017

      0.47

    • 2016

      0.42

    • 2015

      0.36

    • 2014

      0.27

    • 2013

      0.32

    • 2012

      0.31

    • 2011

      0.27

    • 2010

      0.29

    • 2009

      0.38

    • 2008

      0.14


  • Variable

    Actuarial Pension Debt/State Total General Fund Revenues

    • 2019

      1.82

    • 2018

      1.74

    • 2017

      1.80

    • 2016

      1.58

    • 2015

      1.42

    • 2014

      1.07

    • 2013

      1.23

    • 2012

      1.28

    • 2011

      1.10

    • 2010

      1.30

    • 2009

      1.52

    • 2008

      0.60


*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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