Does Public Pension Funding Affect Where People Move?

The brief’s key findings are:

• Individuals who move generally go to places with the best mix of amenities, including low tax rates and a robust economy.
• An open question is whether a state’s unfunded pension liabilities could also affect moving decisions.
• While movers generally know little about a state’s pension finances, critical news stories could signal poor fiscal management.
• The analysis finds that, in addition to traditional factors, a state’s pension funding does play a role, albeit small.