2021 update

Wandrei, Kevin, and Jean-Pierre Aubry. “2021 update”. State and Local Pension Plans 78, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, June 2021. http://hdl.handle.net/2345/bc-ir:109249.
PREVIEW Datastream

Abstract

The brief's key findings are: (1) The aggregate funded ratio improved from 73 to 75 percent from FY 2020 to 2021. At the same time, contribution rates rose from 21 to 22 percent of payrolls. (3) While initial expectations for public pensions were low due to COVID, financial markets rebounded and municipal tax revenues were quite resilient. (4) Yet one other COVID-related factor -- cuts to the state and local workforce -- impacted public pension finances in FY 2021. (5) These cuts had little impact on funded status and required contribution amounts, but they do explain the rise in contribution rates, which are expressed as a share of lower payrolls.

Title
2021 update: Public plan funding improves as workforce declines
Author
Wandrei, Kevin
Aubry, Jean-Pierre
Center
Center for Retirement Research
Genre
report
Date Issued
June 2021
Publisher
Center for Retirement Research at Boston College
Series Title
State and Local Pension Plans
Series Number
78
Persistent Link
http://hdl.handle.net/2345/bc-ir:109249
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Financing Retirement

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