American Legislative Exchange Council annual report indicates states have significant unfunded pension liabilities

In June 2021, the American Legislative Exchange Council's (ALEC) Center for State Fiscal Reform released its annual publication regarding state government's unfunded pension liabilities. The Council's annual publication titled: Unaccountable and Unaffordable, 2020 found that the combined unfunded pension liability for state governments in the United States is $5.82 trillion. This amount averages to $17,748/person. "Unfunded pension liabilities are a looming threat to states' financial health," says ALEC CEO Lisa B. Nelson.

"Unfunded public pension liabilities represent a massive risk for state taxpayers, as well as state workers and retirees. Fortunately, states like Wisconsin, Michigan, Tennessee and Oklahoma have all enacted pension reforms in recent years that will ensure promises to workers and retirees are honored, provide flexibility for young workers and protect hardworking taxpayers," says ALEC executive vice president of policy Jonathan Williams.

According to the Unaccountable and Unaffordable report the top 5 states based on per capita unfunded pension liabilities are: 1. Tennessee: $6,346; 2. Indiana: $7,859; 3. Nebraska: $9,874; 4. Florida: $10,113; 5. Wisconsin: $10,169

The worst 5 states based on per capita unfunded pension liabilities are: 46. New Jersey: $28,643; 47. Hawaii: $31,078; 48. Connecticut: $31,192; 49. Illinois: $31,980; 50. Alaska: $42,818

For more information about the American Legislative Exchange Council's Center for State Fiscal Reform's report visit: https://alec.org/press-release/states-remain-at-risk-due-to-unfunded-pension-liabilities/

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