State and local government pension benefits are paid from trust funds to which public employees and their employers contributed while they were working, not from general operating revenues. Trust fund assets are invested and grow over time. The combined value of defined benefit plan assets held by state and local governments as of Q2 2022 decreased to $5.3 trillion, from $5.7 trillion as of Q2 2022 (Federal Reserve Flow of Funds, June 2024). PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.
Copy this code into your HTML Editor, Blog Post or CMS.
State and local employees make up around 10-15 percent of the US workforce. About a quarter of public sector workers are covered by a public pension in lieu of Social Security, including nearly half of all teachers and over two-thirds of firefighters and public safety officers. Public employees live in every city and county in the nation; more than 90 percent retire in the same jurisdiction where they worked. PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.
Copy this code into your HTML Editor, Blog Post or CMS.
2022 Membership for Utah Public Safety
Actives
Beneficiaries
Total Membership
10,532
8,804
24,779
Source: Public Plans Database
Costs
The Annual Required Contribution (ARC) is the amount needed to finance benefits accrued each year, plus the cost to amortize unfunded liabilities from past years, minus required employee contributions. It is a projection that matches a yearly payment amount to a particular amortization period, taking into consideration an assortment of assumptions adopted by the plan. In practice, all plans do not calculate the ARC in the same manner. Assumptions used to calculate the ARC reflect actual plan experience, including investment return , actuarial cost, salary growth, total payroll growth and mortality, as well as an adopted amortization method. These assumptions and methods will differ from one plan another, so caution should be taken when comparing ARC between plans. PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.
Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Utah Public Safety, 2001-2023
Fiscal Year
Portion of Employer ARC paid
Portion of Employer ARC left unpaid
US Avg Employer ARC
ARC as a Percent of Payroll
2001
16.8
0.0
14.3
16.8
2002
15.2
0.0
14.9
15.2
2003
15.9
0.0
19.4
15.9
2004
17.6
0.0
20.1
17.6
2005
18.7
0.0
24.8
18.7
2006
19.9
0.0
26.3
19.9
2007
22.0
0.0
27.8
22.0
2008
22.3
0.0
30.0
22.3
2009
24.3
0.0
32.9
24.3
2010
24.5
0.0
33.1
24.5
2011
26.0
0.0
35.0
26.0
2012
28.5
0.0
36.8
28.5
2013
29.4
0.0
37.5
29.4
2014
31.5
0.0
34.9
31.5
2015
32.9
0.0
35.0
32.9
2016
32.1
0.0
35.6
32.1
2017
29.3
0.0
34.1
29.3
2018
30.3
0.0
35.1
30.3
2019
35.7
0.0
35.8
35.7
2020
31.7
0.0
35.0
31.7
2021
31.8
0.0
36.0
31.8
2022
34.9
0.0
36.5
34.9
2023
33.4
0.0
35.7
33.4
Note: The employer's annual required contribution as a percent of payroll is calculated by dividing the dollar amount reported in the schedule of employer contributions by the covered payroll reported in the schedule of funding. The U.S. Average Employer data reflects the average for plans of similar type and social Security coverage to the plan.
Copy this code into your HTML Editor, Blog Post or CMS.
Actuarial Funding
While funded ratios among pension plans vary substantially, in the aggregate, public pension funding levels rose steadily during the 1990s, due largely to strong returns in global equity markets. Since then, sharp market downturns in 2000-02 and 2008-09 negatively affected asset values and increased unfunded pension liabilities and required contributions. A combination of the market downturns, insufficient contributions (for some plans), and increased benefit levels (also for some plans) resulted in a decline in aggregate funding level between 2001 and 2012, and has since remained relatively stable.
Actuarial Funded Ratio for Utah Public Safety, 2001-2022
Copy this code into your HTML Editor, Blog Post or CMS.
Investments
The major asset allocation classes presented in the PPD are generated from the specific asset classes that plans report. For consistent reporting in the PPD, the individual asset classes reported by plans are categorized as one of eight major asset classes: equity, fixed income, real estate, private equity, hedge funds, commodities, misc. alternative assets, cash, and other. For more details on the PPD allocation data please see documentation.
Copy this code into your HTML Editor, Blog Post or CMS.
Annual Return as of December 31 for Utah Public Safety, 2001-2023
Fiscal Year
Utah Public Safety
Assumed return
2001
-5.00
8.00
2002
-7.50
8.00
2003
26.00
8.00
2004
13.20
8.00
2005
8.96
8.00
2006
14.77
8.00
2007
7.15
7.75
2008
-22.30
7.75
2009
12.88
7.75
2010
13.73
7.50
2011
2.89
7.50
2012
13.10
7.50
2013
14.89
7.50
2014
7.52
7.50
2015
1.92
7.20
2016
8.79
7.20
2017
13.57
6.95
2018
-0.22
6.95
2019
14.45
6.95
2020
12.96
6.85
2021
17.46
6.85
2022
-5.04
6.85
2023
9.44
6.85
Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page. he FYE date for the majority of plans is either June 30th or December 31st. hose with FYE dates that do not fall on either of those two dates are compared with the June 30th plans. he PPD average return includes plans that report gross returns and returns net of fees.
This website uses cookies to improve your experience. We also use IP addresses, domain information and other access statistics to administer the site and analyze usage trends. If you prefer to opt out, you can select Update settings.Read our Privacy Policy.Accept
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.