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Rising U.S. State Unfunded Pension Liabilities Are Causing Budgetary Stress Feb 06 Product Image

Rising U.S. State Unfunded Pension Liabilities Are Causing Budgetary Stress Feb 06

  • Published: February 2006
  • Standard & Poors

FEATURED COMPANIES

  • Alabama
  • Florida
  • Kentucky
  • Missouri
  • North Carolina
  • Tennessee
  • MORE

Abstract
U.S. state budgetary stress continues to rise due to increasing pension fund contribution demands at a time when costs are also escalating in other areas, such as education and Medicaid. Higher pension liabilities are pressuring the creditworthiness of these states despite their overall strong revenue performance. One measure of the health of a pension fund is the funded ratio, which for state pension funds has fallen dramatically since 2000. If pension investment return assumptions are met over the near-term, funded ratios may begin to stabilize or improve in fiscal 2006 and beyond. The risks to such a scenario, in addition to the potential for investment return shortfalls, include a number of factors that affect funding, such as changes in actuarial...

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