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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.
In a release, Folwell said, “When I raised my hand to be the 28th treasurer of North Carolina, I promised to preserve and protect the pension plans for current and future public service workers.
Nonetheless, Congress was compelled to establish further regulations and restrictions on the specific stripe of plan in 2014 with the Multiemployer Pension Reform Act of 2014 (MPRA). [26] Given the billions of dollars in unfunded pension liabilities, the bill proposed reductions of pension benefits to plans slated to become insolvent. [27]
The rankings below are the 30 largest public pension plans in the U.S., according to the 2018 list compiled by Pensions & Investments. [1] Because this information is now several years old, the numbers and rankings may no longer be entirely accurate.
In doing so, Reason Foundation said that transition could potentially inflate the state employee retirement services plan's unfunded liabilities from its current $5.4 billion to “well over $8 ...
North Carolina’s state treasurer manages the state’s pension plan and the State Health Plan, which provides medical and pharmaceutical benefits to more than 750,000 current and retired public ...
Illinois state budget contributions have fallen short of the increases in pension liabilities for 12 of the past 15 years, resulting in a three-fold increase in the funding gap. [2] Illinois' pension obligations are made up of five pension plans for public sector employees. The plans, and their respective size and funding level, include:
Kentucky’s primary pension fund for nearly 125,000 past and present state government workers continued to see small but steady gains in Fiscal Year 2023, ending with a funding level of 22.2 ...
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