Pennsylvania Municipal Basics

  • Established 1974
  • Currently open to new hires
  • Plan covers local employees
  • Plan members covered by Social Security
  • Multiple employer, agent plan

Assets, Participants, and Benefits

Assets at Year-End, Pennsylvania Municipal, 2002-2018

Fiscal Year Net Assets (billions)
2002 0.9
2003 1.1
2004 1.2
2005 1.3
2006 1.5
2007 1.6
2008 1.2
2009 1.4
2010 1.5
2011 1.5
2012 1.7
2013 2.0
2014 2.0
2015 2.0
2016 2.2
2017 2.5
2018 2.3

Source: Public Plans Database

Number of Actives per Annuitant, 2002-2018

Fiscal Year Pennsylvania Municipal US State and Local Pensions
2002 2.8 2.4
2003 2.8 2.4
2004 2.6 2.3
2005 2.5 2.2
2006 2.4 2.1
2007 2.3 2.1
2008 2.2 2.1
2009 2.1 2.0
2010 1.9 1.9
2011 1.8 1.8
2012 1.6 1.7
2013 1.6 1.6
2014 1.5 1.5
2015 1.4 1.5
2016 1.4 1.4
2017 1.3 1.3
2018 1.3 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Pennsylvania Municipal, 2002-2018

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2002 9.8 0.0 4.8 9.4 9.4
2003 4.8 0.0 5.7 4.1 4.1
2004 5.3 0.0 7.3 4.2 4.2
2005 5.9 0.0 9.0 4.8 4.8
2006 5.9 0.0 9.3 4.8 4.8
2007 8.0 0.0 10.0 7.4 7.4
2008 8.5 0.0 10.4 7.9 7.9
2009 9.3 0.0 10.2 8.1 8.1
2010 10.7 0.0 10.5 8.2 8.2
2011 11.0 0.0 12.5 9.2 9.2
2012 10.1 0.0 12.9 9.1 9.1
2013 10.2 0.0 13.9 9.1 9.1
2014 17.7 0.0 14.5 9.4 9.4
2015 12.1 0.0 14.9 10.8 10.8
2016 12.2 0.0 14.8 10.4 10.4
2017 12.2 0.0 15.1 10.8 10.8
2018 13.5 0.0 18.1 10.4 10.4

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Pennsylvania Municipal, 2002-2018

Fiscal Year Pennsylvania Municipal National Data
2002 113.6 101.1
2003 109.2 94.2
2004 105.6 93.1
2005 104.9 91.1
2006 104.2 90.5
2007 105.9 91.2
2008 106.1 90.2
2009 103.8 83.2
2010 102.4 81.5
2011 103.8 80.4
2012 99.1 78.9
2013 98.4 78.7
2014 100.7 79.0
2015 100.1 78.2
2016 97.8 76.3
2017 100.2 76.4
2018 100.4 76.5

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for Pennsylvania Municipal, 2018

Category Percent
Equities 61.8
Fixed Income 14.7
Private Equity 0.0
Real Estate 14.8
Cash 2.8
Other 0.0
Commodities 5.9
Hedge Fund 0.0
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2018

Category Percent
Equities 48.1
Fixed Income 22.5
Private Equity 8.9
Real Estate 8.4
Cash 1.8
Other 0.2
Commodities 1.8
Hedge Fund 7.0
Misc. Alternatives 1.2

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Pennsylvania Municipal, 2002-2018

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2002 59.5 25.1 0.0 11.7 3.6 0.0 0.0 0.0 0.0
2003 65.9 22.4 0.0 10.1 1.6 0.0 0.0 0.0 0.0
2004 66.0 22.9 0.0 9.4 1.6 0.0 0.0 0.0 0.0
2005 67.3 23.8 0.0 6.5 2.3 0.0 0.0 0.0 0.0
2006 69.3 22.6 0.0 6.7 1.4 0.0 0.0 0.0 0.0
2007 65.7 22.5 0.0 9.4 2.4 0.0 0.0 0.0 0.0
2008 60.0 22.6 0.0 14.9 2.4 0.0 0.0 0.0 0.0
2009 67.2 19.1 0.0 11.2 2.5 0.0 0.0 0.0 0.0
2010 66.1 17.9 0.0 8.1 3.3 0.0 4.7 0.0 0.0
2011 62.7 20.2 0.0 11.0 1.5 0.0 4.6 0.0 0.0
2012 62.8 19.5 0.0 10.7 2.8 0.0 4.2 0.0 0.0
2013 68.4 14.0 0.0 10.6 2.3 0.0 4.7 0.0 0.0
2014 66.5 14.7 0.0 11.9 2.7 0.0 4.2 0.0 0.0
2015 66.2 14.1 0.0 12.4 1.7 0.0 5.6 0.0 0.0
2016 64.9 13.1 0.0 13.5 2.3 0.0 6.2 0.0 0.0
2017 66.4 13.9 0.0 12.2 2.1 0.0 5.4 0.0 0.0
2018 61.8 14.7 0.0 14.8 2.8 0.0 5.9 0.0 0.0

Source: Public Plans Database


Annual Return as of December 31 for Pennsylvania Municipal, 2002-2018

Fiscal Year Pennsylvania Municipal Assumed return
2002 -8.90 6.50
2003 23.70 6.50
2004 13.10 6.50
2005 8.60 6.00
2006 12.60 6.00
2007 8.20 6.00
2008 -24.80 6.00
2009 18.80 6.00
2010 13.80 6.00
2011 -1.90 6.00
2012 13.20 5.50
2013 19.40 5.50
2014 5.70 5.50
2015 0.10 5.50
2016 8.70 5.50
2017 18.40 5.25
2018 -4.10 5.25

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Pennsylvania Municipal
2002-2018

Fiscal Year Cash Flow Assets
2002 2.3 916.7
2003 -12.7 1,112.5
2004 -15.0 1,237.6
2005 -15.4 1,322.4
2006 -27.7 1,455.9
2007 -5.9 1,564.8
2008 -7.1 1,170.6
2009 -14.3 1,366.6
2010 -4.6 1,542.3
2011 -23.0 1,490.2
2012 -16.0 1,661.9
2013 -20.9 1,951.2
2014 -2.1 2,049.6
2015 -46.5 1,994.5
2016 -7.1 2,151.4
2017 -33.4 2,491.6
2018 -29.0 2,349.4

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Pennsylvania Municipal
2002-2018

Fiscal Year Pennsylvania Municipal National Average
2002 0.2 -2.7
2003 -1.1 -2.2
2004 -1.2 -1.6
2005 -1.2 -2.0
2006 -1.9 -1.9
2007 -0.4 -2.0
2008 -0.6 -3.0
2009 -1.0 -2.6
2010 -0.3 -2.4
2011 -1.5 -2.7
2012 -1.0 -2.6
2013 -1.1 -2.3
2014 -0.1 -2.3
2015 -2.3 -2.7
2016 -0.3 -2.2
2017 -1.3 -2.7
2018 -1.2 -3.0

Source: Public Plans Database

National data averages are weighted by plan size.

2018 Financial Reports

Benefits

Website for Pennsylvania Municipal benefit descriptions.