Stock market selloff causes pension assets to plunge in value
State and local pension assets have plummeted in value during the broader market selloff, thrusting many government pension plans back into a precarious financial position, according to a new report.The health of pension plans affects their ability to pay off promises they've made to retirees and affects the budgets of cities, counties, school districts and states that are on the hook to make pension contributions.
The shortfall in government pension plans — known as an unfunded liabilities — had tumbled in 2021 to its lowest point since the Great Recession after several years of stock market gains. "Most public plans are fragile" though not yet "distressed," said Anthony Randazzo, executive director of Equable and co-author of the report.A big reason for the unfunded liabilities is that state and local governments have a median expected annual rate of investment returns of 6.9%, but their assets have not kept pace with that rate of growth, according to Equable.
The five worst-funded statewide pension plans as of 2021 were California Judges , Kentucky State Employees , Kentucky State Police , Indiana Teachers Pre-96 and New Jersey Teachers .
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