Other post-employment benefits, data
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In addition to standard pension payments, some plans may offer pensioners additional benefits. These benefits, sometimes referred to as "other post-employment benefits," or "OPEBs," consist of health insurance, life insurance or other benefits that the pensioner may have received while employed. The cost of these benefits can prove complicated for actuaries to calculate because of the changes in fields like medicine. This, coupled with the normal challenges in calculating and meeting pension requirements, can result in funding shortages for pension plans. According to the National Association of State Retirement Administrators, unfunded liabilities totaled nearly $585 billion throughout the country for OPEBs in fiscal year 2015.[1]
The chart below displays the unfunded liabilities for each of the 50 states, as well as the percentage of total state expenditures these liabilities represent. All dollar amounts displayed should be multiplied by 1,000,000. For instance, $300 translates to $300,000,000.
| Unfunded actuarial accrued liabilities for other post-employment benefits, fiscal year 2015 (dollars in millions) | |||||||
|---|---|---|---|---|---|---|---|
| State | Unfunded liabilities | Percent of state expenditure | |||||
| Alabama | $11,638 | 2.4% | |||||
| Alaska | $6,712 | 4.9% | |||||
| Arizona | $355 | 0.5% | |||||
| Arkansas | $1,795 | 0.3% | |||||
| California | $75,494 | 1.3% | |||||
| Colorado | $1,328 | 0.3% | |||||
| Connecticut | $21,966 | 2.8% | |||||
| Delaware | $6,111 | 3.1% | |||||
| Florida | $17,023 | 1.1% | |||||
| Georgia | $15,662 | 0.5% | |||||
| Hawaii | $8,530 | 4% | |||||
| Idaho | $56 | 0.1% | |||||
| Illinois | $33,051 | 1.7% | |||||
| Indiana | $331 | 0.2% | |||||
| Iowa | $218 | 0.1% | |||||
| Kansas | $214 | 0.1% | |||||
| Kentucky | $4,612 | 1.7% | |||||
| Louisiana | $5,128 | 1% | |||||
| Maine | $1,765 | 1.8% | |||||
| Maryland | $10,008 | 1.6% | |||||
| Massachusetts | $15,893 | 1.4% | |||||
| Michigan | $8,386 | 2.4% | |||||
| Minnesota | $667 | 0.1% | |||||
| Mississippi | $732 | 0.3% | |||||
| Missouri | $2,732 | 0.6% | |||||
| Montana | $467 | 0.3% | |||||
| Nebraska | $0 | 0% | |||||
| Nevada | $1,428 | 0.8% | |||||
| New Hampshire | $2,454 | 2.2% | |||||
| New Jersey | $81,456 | 5.2% | |||||
| New Mexico | $3,363 | 1.4% | |||||
| New York | $77,359 | 1.6% | |||||
| North Carolina | $26,615 | 2.6% | |||||
| North Dakota | $69 | 0.2% | |||||
| Ohio | $15,046 | 0.7% | |||||
| Oklahoma | $5 | 0% | |||||
| Oregon | $241 | 0% | |||||
| Pennsylvania | $20,589 | 2% | |||||
| Rhode Island | $714 | 0.9% | |||||
| South Carolina | $9,860 | 3.8% | |||||
| South Dakota | $0 | 0% | |||||
| Tennessee | $1,441 | 0.4% | |||||
| Texas | $79,936 | 2.8% | |||||
| Utah | $185 | 0.3% | |||||
| Vermont | $2,096 | 1.3% | |||||
| Virginia | $2,172 | 0.4% | |||||
| Washington | $5,274 | 0.3% | |||||
| West Virginia | $2,712 | 1.2% | |||||
| Wisconsin | $893 | 0.1% | |||||
| Wyoming | $244 | 0.1% | |||||
| Source: National Association of State Retirement Administrators, "Retiree Health Care Benefits for State Employees in Fiscal Year 2015," accessed August 20, 2017. | |||||||
| Unfunded actuarial accrued liabilities for other post-employment benefits, fiscal year 2013 (dollars in millions) | |||||||
|---|---|---|---|---|---|---|---|
| State | Unfunded liabilities | Percent of total | |||||
| Alabama | $3,216 | 0.65% | |||||
| Alaska | $4,511 | 0.91% | |||||
| Arizona | $220 | 0.04% | |||||
| Arkansas | $2,056 | 0.41% | |||||
| California | $66,000 | 13.26% | |||||
| Colorado | $1,325 | 0.27% | |||||
| Connecticut | $22,581 | 4.54% | |||||
| Delaware | $5,766 | 1.16% | |||||
| Florida | $4,879 | 0.98% | |||||
| Georgia | $18,239 | 3.66% | |||||
| Hawaii | $13,672 | 2.75% | |||||
| Idaho | $55 | 0.01% | |||||
| Illinois | $34,488 | 6.93% | |||||
| Indiana | $315 | 0.06% | |||||
| Iowa | $526 | 0.11% | |||||
| Kansas | $278 | 0.06% | |||||
| Kentucky | $4,844 | 0.97% | |||||
| Louisiana | $8,543 | 1.72% | |||||
| Maine | $1,724 | 0.35% | |||||
| Maryland | $8,792 | 1.77% | |||||
| Massachusetts | $15,377 | 3.09% | |||||
| Michigan | $9,103 | 1.83% | |||||
| Minnesota | $652 | 0.13% | |||||
| Mississippi | $690 | 0.14% | |||||
| Missouri | $2,671 | 0.54% | |||||
| Montana | $447 | 0.09% | |||||
| Nebraska | $0 | 0.00% | |||||
| Nevada | $1,181 | 0.24% | |||||
| New Hampshire | $1,857 | 0.37% | |||||
| New Jersey | $63,881 | 12.84% | |||||
| New Mexico | $3,687 | 0.74% | |||||
| New York | $67,714 | 13.61% | |||||
| North Carolina | $23,117 | 4.64% | |||||
| North Dakota | $48 | 0.01% | |||||
| Ohio | $13,959 | 2.80% | |||||
| Oklahoma | $4 | 0.00% | |||||
| Oregon | $236 | 0.05% | |||||
| Pennsylvania | $13,151 | 2.64% | |||||
| Rhode Island | $858 | 0.17% | |||||
| South Carolina | $9,736 | 1.96% | |||||
| South Dakota | $68 | 0.01% | |||||
| Tennessee | $1,694 | 0.34% | |||||
| Texas | $52,314 | 10.51% | |||||
| Utah | $267 | 0.05% | |||||
| Vermont | $1,644 | 0.33% | |||||
| Virginia | $2,128 | 0.43% | |||||
| Washington | $3,707 | 0.74% | |||||
| West Virginia | $4,300 | 0.86% | |||||
| Wisconsin | $953 | 0.19% | |||||
| Wyoming | $219 | 0.04% | |||||
| U.S. total | $497,693 | 100% | |||||
| Source: National Association of State Retirement Administrators, "Retiree Health Care Benefits for State and Local Employees in 2014," accessed April 30, 2015. Note: Although this article was dated for 2014, all figures were reported to have come from fiscal year 2013 reports. | |||||||
See also
Footnotes
- ↑ National Association of State Retirement Administrators, "Retiree Health Care Benefits for State and Local Employees in 2014," accessed April 30, 2015. Note: Although this article was dated for 2014, all figures were reported to have come from fiscal year 2013 reports.
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