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State pension plans are facing a massive $1.4 trillion funding gap, according to a new analysis from the Pew Charitable Trust. Pension liabilities in all 50 states increased by $295 billion to ...
They point to lessons learned from the Russian invasion of Ukraine, stating that many fiduciaries, including state pension plans, failed to recognize similar warning in 2022.
Local plans are 78.2% funded in 2022, compared to 77.8% for statewide plans. However, the historical funding trends of municipally-managed plans are similar, if not identical to statewide plans. Locally-managed public pension plans account for approximately 12% of all unfunded liabilities of non-federal retirement systems.
The average state pension plan in our country is 70% exposed to stocks and 30% to fixed income investment, he said. “We have been a conservative state fiscally for many years,” said Briner ...
However, since state and local plans are managed independently from one another, the scale of the challenges facing pension funds varies widely by state. The image below shows the 2021 and 2022 funded ratios of states as of July 2022 — illustrating both the spectrum of pension health in the US and the impact of market volatility on funded ratio.
The gist of it: ERISA was created to protect workers by overseeing retirement accounts like traditional pension plans and, eventually, 401(k) and most 403(b) plans, but it only safeguards some of us.
The state auditor is appointed by the South Carolina State Fiscal Accountability Authority. [1] The current State Auditor is George L. Kennedy, who was appointed in 2015. [2] [3] The State auditor cannot be fired. [4] The State Auditor's office has a budget of $8,746,044 for the 2024 fiscal year, with the State Auditor being paid $165,872 ...
Check out your state's full taxation picture, and think about how it applies to you. If, for example, property taxes are high, but you're a renter, that's good.