U.S. Pension Tracker

Joe Nation, Ph.D.

Pension Tracker Project Director
Bill Lane Center for the West

The Bottom 25% (Lowest quartile) indicates relatively lower unfunded liabilities. The Top 25% (Highest quartile) indicates relatively higher unfunded liabilities. Metrics reflect the Fiscal Year selected. Agencies reported as NA or agencies for which we do not have geographic locations are excluded from calculations. See Glossary for additional information.

Data reflect Fiscal Year (FY) 2019, the most recent available.

Massachusetts, All State and Local Systems

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Plan : From year: to
Detailed Table

Assets, Liabilities and Unfunded Liabilities

Variable 2017 2018 2019
Market Liability (thousands) $229,299,464 $225,241,583 $230,797,025
Value of Assets (thousands) $79,817,127 $84,320,518 $81,995,975
Market Pension Debt (thousands) $149,482,338 $140,921,064 $148,801,050
Market Discount Rate 3.00% 3.25% 3.25%
Actuarial Liability (thousands) $132,310,704 $135,562,848 $139,732,896
Actuarial Pension Debt (thousands) $52,493,578 $51,242,330 $57,736,921
Assumed Rate of Return 7.45% 7.36% 7.31%
  • Variable

    Market Liability (thousands)

    • 2019

      $230,797,025

    • 2018

      $225,241,583

    • 2017

      $229,299,464

    • 2016

      $234,671,994

    • 2015

      $211,016,039

    • 2014

      $228,205,363

    • 2013

      $204,328,272

    • 2012

      $222,866,082

    • 2011

      $174,620,787

    • 2010

      $166,589,808

    • 2009

      $145,411,649

    • 2008

      $168,134,040


  • Variable

    Value of Assets (thousands)

    • 2019

      $81,995,975

    • 2018

      $84,320,518

    • 2017

      $79,817,127

    • 2016

      $75,686,001

    • 2015

      $72,770,833

    • 2014

      $73,584,162

    • 2013

      $72,094,809

    • 2012

      $63,398,435

    • 2011

      $61,210,992

    • 2010

      $62,058,277

    • 2009

      $54,643,908

    • 2008

      $48,685,972


  • Variable

    Market Pension Debt (thousands)

    • 2019

      $148,801,050

    • 2018

      $140,921,064

    • 2017

      $149,482,338

    • 2016

      $158,985,993

    • 2015

      $138,245,207

    • 2014

      $154,621,201

    • 2013

      $132,233,463

    • 2012

      $159,467,647

    • 2011

      $113,409,795

    • 2010

      $104,531,531

    • 2009

      $90,767,741

    • 2008

      $119,448,068


  • Variable

    Market Discount Rate

    • 2019

      3.25%

    • 2018

      3.25%

    • 2017

      3.00%

    • 2016

      3.00%

    • 2015

      3.25%

    • 2014

      3.00%

    • 2013

      3.20%

    • 2012

      2.50%

    • 2011

      4.00%

    • 2010

      3.70%

    • 2009

      4.20%

    • 2008

      4.50%


  • Variable

    Actuarial Liability (thousands)

    • 2019

      $139,732,896

    • 2018

      $135,562,848

    • 2017

      $132,310,704

    • 2016

      $134,196,239

    • 2015

      $127,845,059

    • 2014

      $117,978,691

    • 2013

      $108,434,640

    • 2012

      $106,934,950

    • 2011

      $102,684,353

    • 2010

      $94,593,357

    • 2009

      $88,431,231

    • 2008

      $105,736,589


  • Variable

    Actuarial Pension Debt (thousands)

    • 2019

      $57,736,921

    • 2018

      $51,242,330

    • 2017

      $52,493,578

    • 2016

      $58,510,239

    • 2015

      $55,074,226

    • 2014

      $44,394,529

    • 2013

      $36,339,831

    • 2012

      $43,536,515

    • 2011

      $41,473,361

    • 2010

      $32,535,080

    • 2009

      $33,787,323

    • 2008

      $57,050,616


  • Variable

    Assumed Rate of Return

    • 2019

      7.31%

    • 2018

      7.36%

    • 2017

      7.45%

    • 2016

      7.52%

    • 2015

      7.31%

    • 2014

      7.97%

    • 2013

      8.03%

    • 2012

      8.02%

    • 2011

      8.02%

    • 2010

      8.03%

    • 2009

      8.02%

    • 2008

      8.02%


*Recommended not to combine dollar and other categories.

Funded Ratios

Variable 2017 2018 2019
Market Funded Ratio 34.8% 37.4% 35.5%
Actuarial Funded Ratio 60.3% 62.2% 58.7%
  • Variable

    Market Funded Ratio

    • 2019

      35.5%

    • 2018

      37.4%

    • 2017

      34.8%

    • 2016

      32.3%

    • 2015

      34.5%

    • 2014

      32.2%

    • 2013

      35.3%

    • 2012

      28.5%

    • 2011

      35.1%

    • 2010

      37.3%

    • 2009

      37.6%

    • 2008

      29.0%


  • Variable

    Actuarial Funded Ratio

    • 2019

      58.7%

    • 2018

      62.2%

    • 2017

      60.3%

    • 2016

      56.4%

    • 2015

      56.9%

    • 2014

      62.4%

    • 2013

      66.5%

    • 2012

      59.3%

    • 2011

      59.6%

    • 2010

      65.6%

    • 2009

      61.8%

    • 2008

      46.0%


*Recommended not to combine dollar and other categories.

State Demographics

Variable 2017 2018 2019
Population 6,871,914 6,912,797 6,897,326
Households 2,604,023 2,620,264 2,609,706
  • Variable

    Population

    • 2019

      6,897,326

    • 2018

      6,912,797

    • 2017

      6,871,914

    • 2016

      6,820,480

    • 2015

      6,814,185

    • 2014

      6,755,124

    • 2013

      6,708,810

    • 2012

      6,655,829

    • 2011

      6,612,270

    • 2010

      6,564,073

    • 2009

      6,517,613

    • 2008

      6,468,967


  • Variable

    Households

    • 2019

      2,609,706

    • 2018

      2,620,264

    • 2017

      2,604,023

    • 2016

      2,578,352

    • 2015

      2,571,625

    • 2014

      2,549,336

    • 2013

      2,536,321

    • 2012

      2,522,394

    • 2011

      2,532,067

    • 2010

      2,520,419

    • 2009

      2,475,492

    • 2008

      2,467,323


*Recommended not to combine dollar and other categories.

Budget & Revenue

Variable 2017 2018 2019
State General Fund Expenditures (thousands) $29,788,000 $27,196,000 $29,136,000
State Total Expenditures (thousands) $61,964,000 $57,125,000 $59,832,000
State Total General Fund Revenues (thousands) $23,769,000 $32,442,360 $34,947,310
  • Variable

    State General Fund Expenditures (thousands)

    • 2019

      $29,136,000

    • 2018

      $27,196,000

    • 2017

      $29,788,000

    • 2016

      $30,561,000

    • 2015

      $30,330,000

    • 2014

      $28,534,000

    • 2013

      $27,326,000

    • 2012

      $25,826,000

    • 2011

      $21,997,000

    • 2010

      $21,874,000

    • 2009

      $29,662,000

    • 2008

      $28,934,000


  • Variable

    State Total Expenditures (thousands)

    • 2019

      $59,832,000

    • 2018

      $57,125,000

    • 2017

      $61,964,000

    • 2016

      $60,403,000

    • 2015

      $57,305,000

    • 2014

      $56,250,000

    • 2013

      $54,636,000

    • 2012

      $57,113,000

    • 2011

      $55,574,000

    • 2010

      $51,278,000

    • 2009

      $48,642,000

    • 2008

      $43,807,000


  • Variable

    State Total General Fund Revenues (thousands)

    • 2019

      $34,947,310

    • 2018

      $32,442,360

    • 2017

      $23,769,000

    • 2016

      $40,366,000

    • 2015

      $41,081,000

    • 2014

      $38,778,000

    • 2013

      $36,727,000

    • 2012

      $33,294,000

    • 2011

      $25,197,000

    • 2010

      $18,544,000

    • 2009

      $18,259,000

    • 2008

      $20,879,000


*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable 2017 2018 2019
Market Pension Debt/Household $57,404 $53,781 $57,018
Market Pension Debt/Capita $21,753 $20,386 $21,574
Market Pension Debt/State General Fund Expenditures 5.02 5.18 5.11
Market Pension Debt/State Total Expenditures 2.41 2.47 2.49
Market Pension Debt/State Total General Fund Revenues 6.29 4.34 4.26
Actuarial Pension Debt/Household $20,159 $19,556 $22,124
Actuarial Pension Debt/Capita $7,639 $7,413 $8,371
Actuarial Pension Debt/State General Fund Expenditures 1.76 1.88 1.98
Actuarial Pension Debt/State Total Expenditures 0.85 0.90 0.96
Actuarial Pension Debt/State Total General Fund Revenues 2.21 1.58 1.65
  • Variable

    Market Pension Debt/Household

    • 2019

      $57,018

    • 2018

      $53,781

    • 2017

      $57,404

    • 2016

      $61,662

    • 2015

      $53,758

    • 2014

      $60,652

    • 2013

      $52,136

    • 2012

      $63,221

    • 2011

      $44,789

    • 2010

      $41,474

    • 2009

      $36,667

    • 2008

      $48,412


  • Variable

    Market Pension Debt/Capita

    • 2019

      $21,574

    • 2018

      $20,386

    • 2017

      $21,753

    • 2016

      $23,310

    • 2015

      $20,288

    • 2014

      $22,889

    • 2013

      $19,710

    • 2012

      $23,959

    • 2011

      $17,151

    • 2010

      $15,925

    • 2009

      $13,927

    • 2008

      $18,465


  • Variable

    Market Pension Debt/State General Fund Expenditures

    • 2019

      5.11

    • 2018

      5.18

    • 2017

      5.02

    • 2016

      5.20

    • 2015

      4.56

    • 2014

      5.42

    • 2013

      4.84

    • 2012

      6.17

    • 2011

      5.16

    • 2010

      4.78

    • 2009

      3.06

    • 2008

      4.13


  • Variable

    Market Pension Debt/State Total Expenditures

    • 2019

      2.49

    • 2018

      2.47

    • 2017

      2.41

    • 2016

      2.63

    • 2015

      2.41

    • 2014

      2.75

    • 2013

      2.42

    • 2012

      2.79

    • 2011

      2.04

    • 2010

      2.04

    • 2009

      1.87

    • 2008

      2.73


  • Variable

    Market Pension Debt/State Total General Fund Revenues

    • 2019

      4.26

    • 2018

      4.34

    • 2017

      6.29

    • 2016

      3.94

    • 2015

      3.37

    • 2014

      3.99

    • 2013

      3.60

    • 2012

      4.79

    • 2011

      4.50

    • 2010

      5.64

    • 2009

      4.97

    • 2008

      5.72


  • Variable

    Actuarial Pension Debt/Household

    • 2019

      $22,124

    • 2018

      $19,556

    • 2017

      $20,159

    • 2016

      $22,693

    • 2015

      $21,416

    • 2014

      $17,414

    • 2013

      $14,328

    • 2012

      $17,260

    • 2011

      $16,379

    • 2010

      $12,909

    • 2009

      $13,649

    • 2008

      $23,122


  • Variable

    Actuarial Pension Debt/Capita

    • 2019

      $8,371

    • 2018

      $7,413

    • 2017

      $7,639

    • 2016

      $8,579

    • 2015

      $8,082

    • 2014

      $6,572

    • 2013

      $5,417

    • 2012

      $6,541

    • 2011

      $6,272

    • 2010

      $4,957

    • 2009

      $5,184

    • 2008

      $8,819


  • Variable

    Actuarial Pension Debt/State General Fund Expenditures

    • 2019

      1.98

    • 2018

      1.88

    • 2017

      1.76

    • 2016

      1.91

    • 2015

      1.82

    • 2014

      1.56

    • 2013

      1.33

    • 2012

      1.69

    • 2011

      1.89

    • 2010

      1.49

    • 2009

      1.14

    • 2008

      1.97


  • Variable

    Actuarial Pension Debt/State Total Expenditures

    • 2019

      0.96

    • 2018

      0.90

    • 2017

      0.85

    • 2016

      0.97

    • 2015

      0.96

    • 2014

      0.79

    • 2013

      0.67

    • 2012

      0.76

    • 2011

      0.75

    • 2010

      0.63

    • 2009

      0.69

    • 2008

      1.30


  • Variable

    Actuarial Pension Debt/State Total General Fund Revenues

    • 2019

      1.65

    • 2018

      1.58

    • 2017

      2.21

    • 2016

      1.45

    • 2015

      1.34

    • 2014

      1.14

    • 2013

      0.99

    • 2012

      1.31

    • 2011

      1.65

    • 2010

      1.75

    • 2009

      1.85

    • 2008

      2.73


*Recommended not to combine dollar and other categories.

Pension Tracker

Bill Lane Center for the West
473 Via Ortega, First Floor
Stanford, CA 94305-4225
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