Report: In a year marked by economic hardship, public pension funding is up
Over 2020, funding fell slightly to 71 percent “Due in large part to extreme market volatility amid the onset of the COVID-19 pandemic in the early part of 2020,” the report says. Besides this volatility, “we expect that furloughs and shutdowns have impacted pay levels and employee contribution amou...
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| Published in: | The American City & County 2021-10 |
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| Main Author: | |
| Format: | Article |
| Language: | eng |
| Subjects: | |
| Online Access: | Get full text |
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| Summary: | Over 2020, funding fell slightly to 71 percent “Due in large part to extreme market volatility amid the onset of the COVID-19 pandemic in the early part of 2020,” the report says. Besides this volatility, “we expect that furloughs and shutdowns have impacted pay levels and employee contribution amounts. [...]while the percentage increase is encouraging, the report highlights a foreboding figure that could impact the long-term fiscal health of public pensions: “The number of active members covered by these plans has been essentially flat for the past eight years, while the number of retired and inactive members has increased each year,” the report says. Specifically, since 2013, the number of active members contributing to pension plans has remained steady at around 12.5 million public employees. |
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| ISSN: | 0149-337X 2161-9123 |