A Longitudinal and Comparative Analysis of the Funded Status of State and Local Public Pension Plans

Abstract

Although state and local public pension plans hold approximately one‐third of the $3 trillion asset total of U.S. pension funds and represent sixteen million workers, relatively little research has been done on their funded status. This article presents the results of a longitudinal and comparative analysis of the funding condition of state and local public pension plans. The study includes 205 plans representing 91 percent of the total assets and approximately 94 percent of the members of state and local public pension plans. By examining the period from 1988 through 1992, the article provides a general 'assessment of the funded status of state and local public pension plans and concludes that, as a whole, the plans are adequately funded and have improved in their funded condition over time.