Eight states are facing high levels of pension debt as a share of their economic output
and low funded ratios
Unfunded Liability as a Share of State GDP vs. Funded Ratio, by State
Low Debt, Well Funded
High Debt, Well Funded
Low Debt, Poorly Funded
High Debt, Poorly Funded
0%
5%
10%
15%
20%
40%
60%
80%
100%
120%
Unfunded Liability as a % of State GDP
Funded Ratio
Source: Equable Institute analysis of public plan valuation reports and ACFRs. Bureau of Economic Analysis data for state GDP estimate in 2025.
Download the data here.