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July 12, 2019

Pew Charitable Trusts survey of state-run public pension systems


A Pew Charitable Trusts survey reports that poorly funded pension plans for state and local public employees experienced "financial erosion" in recent years despite strong investment returns.

These findings are presented in a new report from The Pew Charitable Trusts that surveys the health of state-run public pension systems.

Based on Governmental Accounting Standards Board criteria, in 2017 only 8 states were at least 90% funded. In contrast, as of 2017, 24 public retirement systems were reported as being below 70% funded according to the Pew report.

The New York State and Local Employees' Retirement System/New York State Police and Fire Retirement System report that for fiscal 2018, the most recent figures available, the market value of assets [MVA] was 98.0% funded and the actuarial value of assets [AVA] was 95.0% funded.

The New York State Teacher's Retirement System reports that as of July 1, 2018, the most recent figure available, the Teacher's Retirement System was 101% funded based on the market value of assets (MVA) and 99% funded based on the actuarial value of assets (AVA).

For information about Pew's "Retirement Savings" project, please visit: https://www.pewtrusts.org/en/projects/retirement-savings/about

Source: Government Executive Media Group Route Fifty article by Bill Lucia, Senior Reporter.

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