Underfunded State and Local Pensions Plans

HRD-93-9R: Published: Dec 3, 1992. Publicly Released: Jan 4, 1993.

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Pursuant to a congressional request, GAO commented on the pension-funding practices of state and local governments, focusing on the extent to which state and local governments: (1) failed to make appropriate contributions to plans; (2) changed actuarial assumptions or funding methods in order to lower required contributions; and (3) used pension funds to pay operating expenses. GAO noted that: (1) pension plan contributions by some state and local governments fell short of actuarially required amounts; (2) in some instances, state and local governments changed actuarial assumptions to lower required plan contributions; and (3) there was no evidence that state and local governments removed funds from pension plans for operating expenses.

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Oct 29, 2015

Oct 27, 2015

  • retirement icon, source: PhotoDisc

    Social Security's Future:

    Answers to Key Questions
    GAO-16-75SP: Published: Oct 27, 2015. Publicly Released: Oct 27, 2015.

Sep 30, 2015

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