Quite by accident, a recent google search took me to the Washington State Actuary’s website where they have a wealth of information, including interactive reports that allow you to view pension funded status under various metrics.
Under statutory assumptions, the liability is around $78 billion. Using a 5% discount rate, according to the website, the liability increases to $114 billion, or by about $36 billion. The funded ratio changes from being 92% funded to 63% funded – quite a jump!
Washington’s Office of the State Actuary needs to be commended for making this information easily accessible. Such transparency is welcome and hopefully is emulated.
Source: http://fiscal.wa.gov/actuarydata.aspx
Source: http://fiscal.wa.gov/actuarydata.aspx