St. and Local Pensions

7/31/2019 St. and Local Pensions

1/14

State and Local Pension Plans Number 4, May RESEARCH

RETIREMENT

THE FUNDING OF STATE AND LOCAL

PENSIONS: 2011-201

By Alicia H. Munnell, Jean-Pierre Aubry, Josh Hurwitz, Madeline Medenica, and Laura Quinby*

* Alicia H. Munnell is director of the Center for RetirementResearch at Boston College (CRR) and the Peter F. DruckerProfessor of Management Sciences at Boston Colleges CarrollSchool of Management. Jean-Pierre Aubry is the assistantdirector of state and local research at the CRR. Josh Hurwitz,Madeline Medenica, and Laura Quinby are research associ-ates at the CRR. The authors would like to thank Richard W.Kopcke for the macro projections and Keith Brainard for helpfulcomments.

Introduction

Th k mk h p- pk, x h b, p p h mpy b wk / b w wk, y h

p p h pp. Th f w wh h h pb mh y,whh w y py m by xp by wh. B mh,h k mh b h pm w, b h pm . I hhhh mp mh h h h k mk h hy , h brief

p p h p p pj hp -5.

Th z w. Th

p h h b mp 6 p pp 75 p .Th , hw, b b by h xp -m y p, hy 8 p. S h b h k , by m mfor reporting purposes, hw 5 p. Thh h m ph p pym . Th phw h A Rq Cb (ARC) 5.7 p py , h p ARC p pp 7 p. Th h

LEARN MORE

Sh h pb h p :crr.bc.edu


2/14

C Rm Rh

N: h m.Sources: V ; Public PlansDatabase (-); Z (-).

Figure 1. State and Local Pension Funded Ratios,1994-2011

103%

88%84%

79%76%75%

0%

40%

80%

120%

1994 1998 2001 2003 2005 2007 2009 2011

pj -5 hw h, h m ky h k mk , h w m y x y,b h y 8 p by 5. Thh b h h

k mp . Th - h, h h m, h p pb p p y h wyh mh . B h mh-, w hw mpm x y,b h, mk p, h pb p p w k b.

Funded Status in

I , h m b mp -m

p 7 y m p, b GASB mh, w 75 p. (Th - h p pp h Appx).Th w hy w h h p y,b by bw h hh h y ( F ). Fm hm- , mp mky -p GASB kmk. I , m 3 p b. Wh h b h h bbb h h y, pp y w p h hh m h. F h bz wh h -p

k p, whh pk 7. B h p 8 h .

B y b h mp 6p p h by y My, h m. A p y, h p wh , pj p-by-p b h

p b h . Appy- mhy py h pp mb p y h pymh pbh h h h m wh p h h h. Lb- pj b h wh p y p. Th m b w h h pm y wp. Th p mp p y . I h, h m

$.7 , b m $3.6 ,p 75 p.Th h h

m h b w h. Th wh b w by , pp 3. p m .6 p b 6 p y. O h hh, h h y m-y. Th xp h w wh h mh h f mk by y -yp ( F ). S wh mk w y hh h , hy w

y hy hh h 6, h y p h -y m .

N: h m.Sources: V ; Public PlansDatabase (-).

Figure 2. Actuarial vs. Maret Value o Stateand Local Pension Assets, 2001-2011, Trillions

$2.6 $2.6 $2.7$2.5

2.1

2.3

2.6

$0

$1

$2

$3

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Actuarial assets

Market assets


3/14

I B 3

I , y, mp y by. F 3 hw h b- mp p. Sxy-p p h bw 8 p-. Ahh my h py- p y m, p, h h I (SERS, Th, U) C- (SERS), h bw 6 p.

Sources: V ; h m h Public Plans Database ().

Figure . Distriution o Funded Ratios or

Pulic Plans, 2011

2.4%

15.1%

46.8%

30.2%

5.6%

0%

10%

20%

30%

40%

50%

20-39 40-59 60-79 80-99 100+

F

Funded Status with Riskless Rate

Th p b w GASB whh b byh xp -m y h h hp , hy 8 p. S hy, hw, hfor reporting purposes m pym h b h f h k.3 I h p p, h k h y bwhh pym w b m. S hb p m w, h -

m h b h pym .A h h wk h , b wk hb by p h -- jm. Nh, b wm y b p, b ppp h b by mh h k- .

F hw h b mp 6 p . I, h by w $3.6 , -

yp 8 p (hhm p h b w h ). A 5 p pb - b $5. .

N: Th $3.6 h h b p mp, whh b 8 p.Source: V ; h m h Public Plans Database ().

Figure 4. Aggregate State and Local PensionLiailit under Alternative Discount Rates, 2011,Trillions

$3.6

$4.7

$5.4

$6.4

$0

$1

$2

$3

$4

$5

$6

$7

8% 6% 5% 4%

R h b h p 5

p p 5 p,$.7 (h m ) mp $5. b. Th 8-p by 5-p byw pp y y ( F 5).

N: Ah m.Sources: V ; Public Plans

Database (-).

Figure . State and Local Funded Ratios it

Liailities Discounted Risless Rate, 2001-2011

68%

63%

60% 58% 57% 57% 58% 56%53%

51% 50%

0%

20%

40%

60%

80%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


4/14

C Rm Rh

The ARC

Th A Rq Cb (ARC), by GASB, h pym q kp h p

y ph w . I q m h p h b y p pym mz h by, y 3-y p. Eh y hp p p h h mpy b h ARC.

Th ARC h y h w y, pmy b h hh b hby h mz mp h ARC. I , hARC w 5.7 p py ( F 6).

N: h m.Sources: V ; Public PlansDatabase (-).

Figure . Annual Reuired Contriution as aPercent o Paroll, 2001-2011

6.4% 6.1%

7.4%

9.0%

10.6%11.1%

11.5%11.8%12.1%

13.6%

15.7%

0%

6%

12%

18%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Th h ARC h p wh h m h . A , h p ARC p h ( F 7). I , m-py b q y 7 p h

q pym. Th f h p h wk h b h .m bbb -, wh h p ARC p m p 83 p 6. Th,h p p h 8. A b h bybz k mk , hpyh ARC w p h p ARC pw .

N: h m.

Sources: V ; Public PlansDatabase (-).

Figure . Percent o Annual ReuiredContriution Paid, 2001-2011

100%95%

88% 86% 84% 83%87%

92%

86%81% 79%

0%

40%

80%

120%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Projections for -5

I p , h briefj h p -5. Th p p y mh wh hpp h k mk. T y b k mk m, pj w m h mp h Dw Jh 5 Ix bw w 5 ( F-

8 h x p).5

Opm: Op w 8 pp y (3 p f, 5 p ), p- w .5 p p y, hp/ (p/) 7 (m -y). Th y h mmm, h mpym pph 5 p. Ih , k p 6 p.

M: Op w 5 p p y (p f, 3 p ), p w3 p p y, h p/ .

Th y m p, h mpy-m bw 7 p. Sk p 8 p y.

Pm: Op w 3 pp y ( p f, p ),p 5 y hh h hy y, h p/ m . A-y b, php wh b-p Ep h U S, h mpy-m x p. Sk p hh h h 3-y h hy y.

pW


5/14

I B 5

Sources: Wh A (); h pj-.

Figure 8. Do Jones Wilsire 000 Inde,190-2011, and Proections or 2012-1 underAlternative Assutions

1,000

10,000

100,000

1980 1984 1988 1993 1997 2001 2006 2010 2015

Em h -5 h p q p hmh mh h p h pj. Th p- p h mp h Wh 5.6

Amp q b h wh b b. B h mp- wy m ( F ), h - wh h p -5 w m q h wh -.

Sources: V ; Public PlansDatabase (-).

Figure 9. Contriutions and Beneits in Stateand Local Pension Plans, 2001-2011

0

50

100

150

200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Total benefit payments

Total contributions

I y mk mp bh wh b. O h p -,b w b 6 p.I , h b .6 p, ,

, p b h h wh b w 3. p-. Th m ky f y, wz, p -- . G h -h hpm, h mp h by whw wy .5 p h p -5.

Th pj hw F. Cy, h m h y, h m h pj. I kh, h p w hw q b 75 p pm b. Wh hp-

p h p y kmk pm. U h m ky ,h w h wk kmk xp y ph h p by y p mkpm. By 5, h b pj q 8 p. Th mpb5 h pm 8 p h pm 7 p.

Sources: Ah m -5; Public Plans

Database (7-).

Figure 10. Proected State and Local FundingRatios under Tree Scenarios, 2011-201

88%84%

79%76% 75%

74%

82%

98%

0%

40%

80%

120%

2007 2009 2011 2013 2015

Optimistic

Most Likely

Pessimistic

Actions to Improve Fundin

S h b p h h by mk yp h h p ( F h x p). S


6/14

C Rm Rh6

h m h -- jm , wh m k COLA h h p h h .7 Sp h COLAmmy b, mp hp , h by. Twy h mpy -b mpy w mpy y. O h b- kk , hy h h q mpy-

Source: N C S L (8-); B ().

Figure . Nuer o States Maing Cangesto State or Local Pensions in te Wae o teFinancial Crisis

7

25

31

5

0

10

20

30

40

50

Suspend COLA

(current and

future retirees)

Increase

contributions

Reduce benefits

(new hires)

Switch to

hybrid plan

Nw h y

ARC pym. Thy- h b- w mpy, y by h wh b p, h xp hyb b/ b ym w mpy. Ah b h m w mpy,h h w w h wh b w b h mp h x by.8

Conclusion

Th p hb p w h p - mk 8. A h m, w hh pb p w y h .I, h w 75 p

mp 76 p . Th wm mwh by mh w by wh.

Th h h wh b hw h h mwk, z , pCOLA. B my h h -h,by wh ky pk p mwh m- y.

E h by wh pk p, hw-, ph y w h p h - m ky k mk .Spy, h k mk b h h x y, h p h -y 8 p 5.


7/14

I B 7

Endnotes

Th mp h m p h PublicFund Survey(PFS) p h Uy CRm Sym. I p b p

h -m p 3 p h p m h . I m h PFS h wy. F, p m h p h h hym . S, y b h p Cmph A- F Rp (CAFR). Th, p h -y b.

F h p wh pbh , w m h p h - bw , -

h p w mhy, pp hh pbh GASB .

3 Th y h y -m h k py wh h k . SG () Lb (7). Th -p mh h hy p h p ky h k pmm. S Shp, Ax, By(3); B, M, Ch (8); B- (8).

Sh pph h b p by h pb m-pb p, h h O ThP P () h q-pb b p h Nh (P R,7). F m -bfor reporting purposes h mp m, M . ().

5 Th w by Rh W. Kpk. Th b h mp h 65p q h ky

h pym q p q.

6 Pj m h p h mh h m yp m mp. Th , hy

j h mp k mk m. M p h mh - by h bw h m h y.

7 F xmp, , C h COLA m 3.5 p h p h h CPI-W h y (whh z COLA ) mxmm p h (k m ) .I M, h h COLA

h S Empy Rm F m .5p p h G EmpyRm P m .5 p p. ThCOLA h Th Rm A wp bw , m.5 p p h. I Sh Dk,h h 76 p - qm mk mm m p . I p, h COLA m 3. p . p . F j-m w p h w: 3.p h p ;

bw . . (CPI-k) h bw p; bw . .(CPI-k) h bw 8 p; . h h 8 p-. I Rh I, , h p h COLA b h p x 8 p. I h h 8-p hh, w - COLA, b b m ppy y h $5, b, j f. (D h p p, h yp COLA w b w -y .)

8 O xp Rh I, whh h - hyb h , w w,mpy.


8/14

References

B, Sm. 8. Financial Modeling. Cm-b MA: MIT P.

B, Z, Rb M, D Ch. 8.Financial Economics. Upp S R, NJ: P- H, I.

B, Hz. . V Amby OKHyb Rm P, Cb Hk.Pensions & Investments (Ap 5).

G, Ch. . The Economics of Risk andTime. Cmb, MA: MIT P.

Lb, D G. 7. Investment Science. Ox-

: Ox Uy P.

M, A H., Rh W. Kpk, J-PAby, L Qby. . V Lb- S L P. State and Local PlansIssue in Brief. Ch H, MA: C Rm Rh B C. Jypbh by h C S L G-m Ex.

N C S L. 8-. S P Rm L- 8-. Wh, DC. A-

b : hp://www../-h.px?b=5,6,#.

O Th P P. 2011 Annual Report.T, O.

P, E H. M. B R. 7. ThR E P F h Nh-: Th T Hyb DB-DC P By. Wk Pp 7-. Ch H,MA: C Rm Rh BC.

Public Plans Database. -. C R-m Rh B C C S L Gm Ex.

C Rm Rh8

Shp, Wm, G J. Ax, Jy W.By. 3. Investments. Upp S R, NJ:

P H, I.

Wh A. . Dw J Wh 5(F Cp) P L S Ip. Ab: hp://www.wh.m/Ix///w5kpp..

Z, P. -. Survey of State and LocalGovernment Retirement Systems: Survey Report forMembers of the Public Pension Coordinating Council.Ch, IL: Gm F O A-.


9/14

APPENDIX


10/14

Aendi: Ratio o Assets to Liailities or State and Local Plans 2001-2010 and Proections or 2011

P m 2001 2002 200 2004 200 200 200 200 2009 2010 2011

T 101.9 94.4 9.4 . .0 . .1 . 9. .1 4.

Abm ERS 100.2 9.4 91.1 9. 4.0 1.1 9.0 . 2.2 .2 4.0 *

Abm Th 101.4 9.4 9. 9. . 2. 9. . 4. 1.1 . *

Ak PERS 100.9 .2 2. 0.2 . .2 . . .0 2.4 4.2 *

Ak Th 9.0 .2 4. 2. 0.9 . .2 0.2 .0 4. 4. *

Az Pb Sy 12.9 11.0 100.9 92.4 1. . .2 . 0.0 . .P

Az SRS 11.1 10.4 9.4 92. .1 4. . 2.1 9.0 .4 .

Ak PERS 10.0 100.0 9.0 9.0 .0 .0 9.0 90.0 .0 4.1 0.

Ak Th 9.4 91.9 .9 . 0.4 0. . 4.9 . . 2.0

C PERF 111.9 9.2 . . . .2 .2 .9 . .4 .9 *

C Th 9.0 9.0 .0 .0 .0 .0 .0 .0 1.0 .1 *Ch Th 100.0 9. 92.0 .9 9.0 .0 0.1 9.4 . .1 1. *

Cy A ERS 9.4 .9 .9 0. .0 .9 . .9 1. 9. .0 *

C Mp 104. 9. 0.2 .2 .0 9. 1.2 .4 .2 .0 9. *

C Sh 9.2 .9 .2 0.1 .9 4.1 . 0.1 9.2 4. 9.4 *

C S 9.2 .9 .2 0.1 1. .0 . .9 .0 2. .9 *

C SERS .1 1. . 4. . .2 . 1.9 44.4 4. *

C Th .9 . 9. 0.0 1.4 . *

C C Cy . 9. .4 2.0 4. 4. 9.9 . . 0. . *

DC P & F 1.1 . . 1.9 .1 91. 101.0 99. 100. 100. 10.

DC Th 10.4 10.0 10. 101.9 102.1 111.2 111. 10.2 110. 11. 101.9

Dw S Empy 112.4 109. 10.9 10.0 101. 101. 10. 10.1 9. 9.0 94.0

D Empy 99. 101. 9.0 99.1 9.4 9. 9.2 91.9 .4 .0 2. *

D Sh 9.0 91.0 90. .2 .9 . . 4. . .9 . *

Dh Th 10. 100.4 9. 91. .4 4.1 . 2.1 . 1. .2

Fx Cy Sh 10.0 9. 90.1 4.9 4.9 .4 .0 .9 . . 4.0 *

F RS 11.9 11.0 114.2 112.1 10. 10. 10. 10.4 .1 . .9

G ERS 101. 101.1 100. 9. 9.2 94. 9.0 9.4 . 0.1 .0

G Th 10.9 102.0 101.1 100.9 9.0 9. 94. 91.9 .2 . 4.0 **

Hw ERS 90. 4.0 .9 1. . .0 . . 4. 1.4 9.4

H Fh 11.0 9.0 .0 .0 .0 91.0 9.0 9.0 9.0 90.

Ih PERS 9.2 4.9 . 91. 94.2 9.2 10. 9. 4.1 .9 90.2

I Mp 10.4 101. 9. 94. 94. 9. 9.1 4. .2 . 1. *

I SERS . . 42. 4.2 4.4 2.2 4.2 4.1 4. .4 .

I Th 9. 2.0 49. 1.9 0. 2.0 . .0 2.1 4.4 4.

I U 2.1 .9 .9 .0 . .4 .4 . 4. 4.4 44.

I PERF 10.0 99.2 102.9 100.1 9.4 9. 9.2 9. 9.1 .2 0.

I Thb 4.0 42.1 44.4 44. 4.4 44. 4.1 4.2 41.9 44. 4.

Iw PERS 9.2 92. 9. . . .4 90.2 9.1 1.2 1.4 9.9

K PERS .0 .0 .0 0.0 9.0 9.0 1.0 9.0 4.0 2.0 9.2 *

C Rm Rh


11/14

I B

P m 2001 2002 200 2004 200 200 200 200 2009 2010 2011

Kky Cy 141.0 12. 114.1 101.0 90. 1.4 0.1 .1 0. . 2.9

Kky ERS 12. 110. 9.0 . 4. 1. .4 4.2 4. 40. .

Kky Th 90. . . 0.9 . .1 1.9 .2 . 1.0 .4

LA Cy ERS 100.0 99.4 .2 2. . 90. 9. 94. .9 . 0.

L SERS 4.2 0.2 .2 9. 1. 4. .2 . 0. . .

L Th .4 .9 . .1 4. . 1. 0.2 9.1 4.4 .1

M L 10.2 122. 11. 112.1 114.2 112.2 11. 112. 102. 9. 9.

M S Th .1 9. . . 9. 1. 4.1 4.1 . .0 0.2

My PERS 102.2 9.0 9.1 91.2 . 0.4 9. .2 .9 2. 2.

My Th 9. 92.0 92. 92. 9. 4.2 1.1 9. .1 .4 .

Mh SERS 94.0 9. .9 2. 1. .1 9.4 1. . 1.0 . *

Mh Th .2 4. 9. . .2 1.0 .9 .2 .0 . 0. *

Mh Mp 4. 9. . . .1 .4 . .0 . 4. .4 *

Mh Pb Sh 9. 91. . . 9. . . . .9 1.1 4. **

Mh SERS 10. 9. . 4. 9. .1 .2 2. .0 2. . **

Mp ERF 9. 92.4 92. 92.1 91. 92.1 .9 .4 .9 . 2.

M PERF .0 .0 1. . 4. 4. . . 0.0 .4 .2

M S Empy 112.1 104. 99.1 100.1 9. 9.2 92. 90.2 .9 . .

M Th 10.9 10. 10.1 100.0 9. 92.1 . 2.0 .4 . .

Mpp PERS . .4 9.0 4.9 2.4 . . 2.9 . 4.2 2.2

M DOT Hhwy .1 1. .2 .4 .9 . .2 9.1 4. 42.2 4.P

M L 104.0 100.4 9.4 9.9 9.1 9. 9.1 9. 0.0 1.0 1.

M PEERS 10.1 9. 1.9 2. . 0. .2 2. 0. 9.1 .

M S Empy 9.0 9.9 90.9 4. 4.9 . . .9 .0 0.4 9.2

M Th 99.4 9. 1.1 2.0 2. 2. . .4 9.9 . .

M PERS 100.0 . . . 91.1 90. 4.0 4.0 0.0

M Th . . .4 .1 9. 9.9 .2 . 1.

Nbk Sh .2 94.9 90. .2 . .2 90. 90. . 2.4 0.4

N P O .9 .1 .9 1. 9. .9 1.1 0. .9 . .4 Fh

N R Empy . . .2 0. . . . . .4 1.2 0.

Nw Hmph Rm .0 2.1 .0 1.1 0. 1.4 .0 . . . .4 Sym

Nw Jy PERS 11.1 10. 9.9 91. . .0 .0 .1 4.9 2.0 .Nw Jy P & F 100. 9. .4 4.0 0.1 .4 . 4. 0. 9.0 4.9

Nw Jy Th 10.0 100.0 92. . 9.1 . 4. 0. . . .2

Nw Mx PERF 10.4 10.1 9. 9.0 91. 92.1 92. 9. 4.2 . 0.

Nw Mx Th 91.9 . 1.1 .4 0.4 . 0. 1. . . .0

Nw Yk Cy ERS 11.4 112.0 104.0 94. .4 2. 9.0 9. . .2 .9*

Nw Yk Cy Th 9.0 9. .2 1.1 .1 1. 9. .2 4.1 2.9 2.*

Nw Yk S Th 12.0 99. 99.4 99.2 9. 102. 104.2 10. 10.2 100. 9.**

Nh C L 99. 99.4 99. 99. 99.4 99. 99. 99. 99. 99. 99.*Gm


12/14

P m 2001 2002 200 2004 200 200 200 200 2009 2010 2011

Nh C Th 111. 10.4 10.1 10.1 10. 10.1 104. 99. 9.9 9.4 9.1*

S Empy

Nh Dk PERS 110. 104.2 9.1 94.0 90. . 9.4 92. .1 .4 0.

Nh Dk Th 9.4 91. .1 0. 4. .4 9.2 1.9 . 9. .

NY S & L ERS 119. 11. 9.9 101. 102. 104.1 10. 10. 101.0 9.9 90.2

NY S & L P & 12.1 12. 10.4 10.0 104. 10.2 10. 10.0 10. 9. 91.9F

Oh PERS 10.0 .0 .0 .0 9.0 9.0 9.0 .0 .0 .1 .0*

Oh P & F 92. 2. . 0.9 .4 .2 1. .1 1.1 2. .0*

Oh Sh Empy 9.0 90.2 . .1 . .4 0. 2.0 .4 2. .2

Oh Th 91.2 .4 4.2 4. 2. .0 2.2 9.1 0.0 9.1 .

Okhm PERS 2. 9. . .0 2.0 1.4 2. .0 . .0 0.

Okhm Th 1.4 1.4 4.0 4. 49. 49. 2. 0. 49. 4.9 .

O PERS 10. 91.0 9.0 9.2 104.2 110. 112.2 0.2 . .9 9.0*Py Sh 114.4 104. 9.2 91.2 . 1.2 . .0 9.2 .1 9.1

Empy

Py S ERS 11. 10.2 104.9 9.1 92.9 92. 9.1 9.0 4.4 .2 .2 *

Phx ERS 102. 91. . 4.2 4.2 1. .9 9.1 . 9. .

Rh I ERS . 2. 4. 9.4 . .4 .2 1. . 4.4 44.*

Rh I Mp 11.1 111. 100. 9.2 .2 .1 90. 92. . 4.0 1.1*

S D Cy 10. .4 . 1.1 0. . 9. 94.4 91. 4. 1.

S F Cy & Cy 129.0 11.9 109.0 10. 10. 10. 110. 10. 9.0 91.1 .0

Sh C P 94. 9.0 91. . .4 4. 4. .9 . 4. 2.4*

Sh C RS .4 .0 2. 0. 1. 9. 9. 9. . . 4.0**

Sh Dk PERS 9.4 9. 9.2 9. 9. 9. 9.1 9.2 91. 9. 9.4

S. L Sh Empy 0. 2.1 4.0 . . .2 . . .4 . 2.*

S. P Th 1.9 . . 1. 9. 9.1 .0 .1 2.2 .1 0.0

Tx Cy & D 9. . 90. 91.0 91.4 94. 94. . 9. 9.4 9.*

Tx ERS 104.9 102. 9. 9. 94. 9.2 9. 92. . .2 2.

Tx LECOS 11. 124. 111. 109. 10.1 101. 9.0 92.0 .1 .1 .

Tx Mp .0 4.2 2. 2. 2. 2.1 . 4.4 . 2.9 .1**

Tx Th 102. 9. 94. 91. .1 . 9.2 90. .1 2.9 2.

TN P Sb 90.4 91.9 92. 9. . 9.2

TN S Th 99. 99. 99. 9.2 90. 92.1

Uy C 14. 1.4 12. 11.9 110. 104.1 104. 10.0 94. . 2.Uh Nby 102. 92.2 94.4 92. 9.2 9. 9.1 . . 2.2 .4 **

Vm S Empy 9.0 9.4 9. 9. 9. 99. 100. 94.1 .9 1.2 9.

Vm Th 9.0 9. 9. 90.2 90. 4. 4.9 0.9 .4 . .

V Rm Sym 10. 101. 9.4 90. 1. 0. 2. 4.0 0.2 2.4 9.9**

Wh LEOFF P 1 129.0 120.0 112.0 109.0 11.0 11.0 122.0 12.0 12.0 12.0 12.*

Wh LEOFF P 2 119. 111.0 211. 19.2 10. 10. 120.2 12.4 119.9 11.0 12.*

Wh PERS 1 91.0 .0 1.0 .0 1.0 .0 1.0 1.0 0.0 4.0 0.2*

C Rm Rh


13/14

P m 2001 2002 200 2004 200 200 200 200 2009 2010 2011

Wh PERS 2/ 12.0 11.1 10.9 10.4 101. 100. 101. 101.1 99. 9.2 10.1*

Wh Sh Empy 12. 11. 10. 10. 9. 10. 10. 104. 100.4 9. 10.0*P 2/

Wh Th P 1 94.0 92.0 .0 4.0 .0 0.0 .0 .0 .0 .0 0.0*

Wh Th P 2/ 1. 10.2 122. 119. 10.1 110. 112. 10.9 101. 100. 10.4 *

W V PERS 4.4 .4 .1 0.0 . . 9.0 4.2 .9 4. .4

W V Th 21.0 19.2 19.1 22.2 24. 1. 1. 0.0 41. 4. .

W Rm 9. 9.1 99.2 99.4 99. 99. 99. 99. 99. 99. 99.**Sym

Wym Pb Empy 10.2 92.2 91. 9.0 9.1 94.4 94.0 . . 4. 1.9

I B 3

* Nmb h m.** R m p m. F my y p b h b. Wh h m

8. p, h m 8.5 p M 8.5 p Nw Jy, 7. p V 6.5 p Vm.b Th p h I TRF m p w py , h p-6 h 6 . Th p-6 mpy h p 6 py- h. Th6 mpy h w p-. Th h p- y.7 p. A xp, h py- h mh w 3. p. Th p p h VRS p y h mpy, h p b.Thy f h m h h p SPORS, JRS VLORS.Sources: V ; Public Plans Database (-).


14/14

About the CenterTh C Rm Rh B C- w bh 8 hh m hS Sy Am. Th C m p - h k bw h m m-my -mk h pb p mp h . T h h m, h Cp w y h pj, mw b , w h-, b b .S p, h C h bh p- h m mj p h m m b.

Affiliated InstitutionsTh Bk IMh I ThySy Uy

Ub I

Contact InformationC Rm RhB CHy H Cmmwh ACh H, MA 67-388Ph: (67) 55-76Fx: (67) 55-E-m: @b.Wb: hp://.b.

, T B Cg, C R R. A g . S x, x g, q x , g g , g T B Cg, C R R.

T CRR g g C S L G Ex . T C S L G Ex- (://.g.g) g , . T x brief CRR C S L- G Ex.

pubplans.bc.edu

Visit our:

C Rm Rh

Documents

St. and Local Pensions