A new study finds that state and local pension funding has stabilized in the last year. But the news is never all good when it comes to public employees' pensions, and another report released this spring suggests that big problems may lie ahead.
In the latest study, from the Center for State and Local Government Excellence, Alicia Munnell and Jean-Pierre Aubry looked at 160 large systems that cover 90 percent of state and local government pension-plan members nationwide. They found that, in the aggregate, the plans had 74 percent of the money that was needed to fund their liabilities in 2015, up from 73 percent the year before. To provide context, the systems were 86 percent funded in 2007, before the Great Recession, and they were 103 percent funded in 2000, at the peak of the longest bull market in history.