State & Local Pensions
The projected funded ratio for state and local pension plans in FY 2025 is 77.7 percent, 1.5 percentage points higher than 2023 – the date of our last funding update. These gains seem quite modest, given that the S&P index increased more than 40 percent between June 2023 and June 2025…
Looking to the underlying problem — uncovered state and local workers. Every analyst who knows anything about Social Security agrees that the Social Security Fairness Act, signed by President Biden on January 5, is a terrible piece of legislation. It simply gives away money to some state and local workers – those who will now…
