Industry News
Census Bureau Releases Summary of 2020 Annual Survey of Public Pensions
In July 2021, the U.S. Census Bureau released its summary report, Annual Survey of Public Pensions: 2020. The report summarizes the financial assets, revenues, expenditures and membership for 5,340 state- and locally-administered defined benefit public pension systems.
Total cash and investment holdings were $4.6 trillion in 2020, up from $4.4 trillion in 2019. Cash and short-term investments increased to $141.6 billion in 2020, up 14.8% from $123.4 billion in 2019. Long-term investments totaled 96.9% of total assets. State- and locally-administered pension systems earned $98.8 million on their investments in 2020.
According to the report, state- and locally-administered pension systems covered 33.2 million members, up 1.3% from 32.8 million in 2019. The membership was comprised of 14.7 million active members, 11.5 million beneficiaries, and 7.0 inactive members. Benefit payments increased 2.0% to $330.3 million in 2020 from $323.8 million in 2019.
State and local retirement benefits are funded by employer (and often employee) contributions and investment earnings. In 2020, total contributions amounted to $237.7 million, up 6.1% from $223.9 million in 2019. Employer contributions increased 7.4% to $179.6 million in 2020 and employee contributions increased 2.5% to $58.1 million.
The summary report is available here.