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Compass
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U.S. City, County Public Pension Levels Sank in 2012
Reuters Sept. 24, 2013 "Funding levels for U.S. city and county public pension systems plummeted by 11 percentage points to 69 percent in fiscal 2012, pushed down by a poor performance of the stock market and ballooning liabilities... The 106 plans studied in a report by Wilshire Consulting had an aggregate $173.6 billion of unfunded liabilities, with $560.6 billion of liabilities they needed to pay out but just $387 billion in assets. Wilshire found that while the funds' assets rose by 2 percent, or $6.1 billion, liabilities grew even more -- by 16 percent, or $78.1 billion." |
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