U.S. market pension debt has grown to $5.599 trillion, according to new numbers just released by US.PensionTracker.org, representing a substantial jump from $4,8333 in 2014. According to Stanford Institute for Economic Policy Research Professor Joe Nation, who directs the research site, market assets explain part of these poor outcomes, with market value adjustment essentially flat from $3.418 trillion in 2014 to $3.412 trillion in 2015.
To better understand such a massive number, Nation has broken the debt down per U.S. household, which is a sizable $47,388, up from $41,219 in 2014. The state with the largest household pension debt remains Alaska at $110,538; California is now second on that list at $92,748.
Not familiar with US.PensionTracker.org? The site allows visitors to probe by state, market and actuarial pension debt per household and capita, as well as general fund expenditures, total expenditures and total general fund revenues per year dating back to 2008.
For its metrics, the pension tracker team uses a variety of sources for actuarial, budgetary, demographic and other financial data from a number of sources provided by state pension systems, most notably the Comprehensive Annual Financial Reports (CAFRs). They also rely on the National Association of State Budget Officers, the U.S. Census Bureau and the Treasury Department.
US.PensionTracker.org is a tremendous asset to help policymakers, public workers and taxpayers understand the numbers behind the nation’s pension crisis and the significant need for reform.