Reports by Federal Agencies
State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America, United States Senate Committee on Finance, January 2012
- The condition of public pensions from the perspective of financial economists.
Social Security: Mandatory Coverage of New State and Local Government Employees, Congressional Research Service, July 2011
- Social Security covers about 94% of all workers in the United States. Most of the remaining 6% of non-covered workers are public employees. About one-fourth of state and local government employees are not covered by Social Security for various historical and other reasons. The 1935 Social Security Act did not extend coverage to state and local government workers. Since the 1950s, Congress has passed laws to allow state and local government employees who have public pensions to elect Social Security coverage through employee referendums. In 1990, Congress made Social Security coverage mandatory, starting in July 1991, for most state and local government employees who are not covered by an alternative public pension plan
State and Local Government Retiree Benefits: Current Funded Status of Pension and Health Benefits by , January 2008 Government Accountability Office
- Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree health liabilities. The extent of these liabilities nationwide is not yet known, but some predict they will be very large, possibly exceeding a trillion dollars in present value terms. The federal government has an interest in assuring that all Americans have a secure retirement, as reflected in the federal tax deferral for contributions to both public and private pension plans. Consequently, the GAO was asked to examine: 1) the key measures of the funded status of retiree benefits and 2) the current funded status of retiree benefits. GAO analyzed data on public pensions, reviewed current literature, and interviewed a range of experts on public retiree benefits, actuarial science, and accounting.
Employee Benefits in the United States U.S. Bureau of Labor Statistics
- An Economic News Release from the BLS which gives a national overview of employee benefits.