Vote button trans.png
April's Project of the Month
It's spring time. It's primary election season!
Click here to find all the information you'll need to cast your ballot.




Ten cities facing the worst of the pension crisis

From Ballotpedia
Jump to: navigation, search
October 12, 2010

10 cities face pension crisis

A new report by Northwestern University suggests that the previous estimates for unfunded pension liabilities were too low by billions of dollars. The report says that the total unfunded liabilities for local pension plans is $574 billion dollars. This liability is in addition to the $3 trillion debt that is facing state-sponsored pension plans, though the report says this $3 trillion is also a low estimate and that the actual unfunded liabilities for states is $5 trillion. According to projections by the report over 25 municipalities will run out of assets by 2025.[1]

Chicago and New York face the worst funding problems for their pension plans.

See the chart of the top 10 cities facing the worst of the pension crisis:

Chart

Municipality
(number of plans)
Liabilities, Stated Basis, June ’09 ($B) Liabilities (ABO), Treasury Rate Net Pension Assets ($B) Unfunded Liability ($B) Unfunded Liability / Revenue Unfunded Liability per Household ($)
Chicago (7) 46.3 66.6 21.8 44.8 763% 41,966
New York City (5) 155.8 214.8 92.6 122.3 276% 38,886
San Francisco (1) 16.3 22.6 13.3 9.3 266% 34,940
Boston (1) 7.4 11 3.6 7.5 430% 30,901
Detroit (2) 8.1 11 4.6 6.4 402% 18,643
Los Angeles (3) 34.6 49.3 23.2 26.1 378% 18,193
Philadelphia (1) 9 13 3.4 9.7 290% 16,690
Cincinnati (1) 2.2 3.2 1.2 2 321% 15,681
Baltimore (2) 4,4 6.4 2.7 3.7 260% 15,420
Milwaukee (1) 4.4 6.7 3.3 3.4 687% 14,853

References