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Pension Quick Facts

Did you know there are almost 312,000 active public employees in Minnesota contributing to a public pension fund and over 202,000 retirees, survivors and disabled people relying on a pension check? That is over 11 percent of the state’s population, so we better figure this out, and soon.

PENSION QUICK FACTS 2015 and Figures from Keeping the Promise: Securing Retirement Benefits for Current and Future Public Employees:

  • Unfunded liability in 2013 $17.3 billion; in 2014 it went up to $17.6 billion (see Figure 1)
  • The unfunded liability may actually be over $43 billion (see Figure 2)
  • Minnesota has $0.76 on the dollar to pay pensions (see Figure 1)
  • Total Requirements for 2014 were $2.6 billion but Minnesota only paid $2.2 billion, with a deficiency of $377 million
  • Minnesota has missed the full annual contribution since 2003 by hundreds of millions each year (see Figure 7)
  • The unfunded liability ($1.27 billion)  was almost equal to the normal cost + expenses ($1.29 billion)
  • A large chunk of the contributions in 2014 were allocated to the amortized unfunded liability ($897 billion) but the unfunded liability just keeps growing (see Figure 5)
  • Employees paid $386 million and employers paid $511 million of the unfunded liability payment of $897 million (seeFigure 5)
  • Minnesotans kicked in an additional $110 million in direct state aid and employer contributions in 2014 to prop up some funds (see Figure 4)

Based on actuarial valuations, Total for All Plans as reported 2/18/2015 by the Legislative Commission on Pensions and Retirement (LCPR) Individual funds will be covered elsewhere.




Upcoming Events

  • Morning in Minnesota Breakfast Series Featuring Isaac Orr

    Location: The Oaks at Eagle Creek 1000 26th Ave NE Willmar, MN 56201

    Please join Center of the American Experiment on Tuesday, August 27th at The Oaks at Eagle Creek for breakfast with Center policy fellow and energy expert, Isaac Orr. Following his discussion of his new report, Doubling Down on Failure: How a 50 Percent by 2030 Renewable Energy Standard Would Cost Minnesota $80.2 Billion, Isaac will be joined by Rep. Tim Miller, Rep. Dave Baker, and Sen. Andrew Lang for a conversation about renewable energy standards in Minnesota. Tuesday, August 27, 2019 The Oaks at Eagle Creek 1000 26th Ave NE, Willmar, MN 56201 7:30 AM Breakfast & Check-In 8:00 AM Presentation…

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    Location: Ordway Center for the Performing Arts 345 Washington Street, St. Paul, MN 55102

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