Project Director
Stanford Institute for
Economic Policy Research
The Bottom 25% (Lowest quartile) indicates relatively lower unfunded liabilities. The Top 25% (Highest quartile) indicates relatively higher unfunded liabilities. Metrics reflect the Fiscal Year selected. Agencies reported as NA or agencies for which we do not have geographic locations are excluded from calculations. See Glossary for additional information.
Data reflect Fiscal Year (FY) , the most recent available.
Pension assets minus liabilities, aka unfunded liability or net pension debt. Data reflect Fiscal Year (FY) 2013, the most recent available. Site contains California state and local government pension data.
We recently discovered that a large percentage of Market Liability values (also known as Hypothetical Termination Liabilities) provided by CalPERS are incorrect. We have requested revised data from CalPERS and expect to update 2008-2015 data and add 2016 data in early February.
Pension assets minus liabilities, aka unfunded liability or net pension debt. Data reflect Fiscal Year (FY) 2013, the most recent available. Site contains California state and local government pension data.
Using CalPERS’ 2015 Termination Liability Discount Rate of 3.250%.
Market Basis reflects 2015 pension debt using CalPERS’ Hypothetical Termination Liability Discount Rate of 3.250%. (CalPERS also estimates a Hypothetical Termination Liability using a discount rate of 2.000%, but we do not include these values.) The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities. Total Pension Debt reflects aggregate liabilities for the California Public Employees' Retirement System (CalPERS), the California State Teachers' Retirement System (CalSTRS), independent pension systems, the University of California Retirement System (UCRS), plus Pension Obligation Bond (POB) balances, minus the aggregate Market Value of Assets (MVA). Pension Debt Per Household equals Total Unfunded Liabilities divided by the number of households in the state. Unfunded liabilities for each system are estimated as:
Using discount rates reported by most systems, typically about 7.5%.
Actuarial Basis reflects 2015 pension debt using discount rates reported by most systems, typically about 7.5%. Total Pension Debt reflects the aggregate liabilities for the California Public Employees' Retirement System (CalPERS), the California State Teachers' Retirement System (CalSTRS), independent pension systems, the University of California Retirement System (UCRS), plus Pension Obligation Bond (POB) balances, minus the aggregate Market Value of Assets (MVA). Pension Debt Per Household equals Total Unfunded Liabilities divided by the number of households in the state. Unfunded liabilities for each system are estimated as:
Stanford Institute for Economic Policy Research
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