Our dataset comprises 315 public pension plans, of which 205 are state-administered, and 110 are local. Collectively, these plans manage 90% of the total estimated assets within U.S public pensions.

This dataset is a unique and original contribution to the field. While not every data point has been individually confirmed due to the dataset's scope, we have aimed to ensure the values are as reliable as possible by cross-referencing available ACFR and Valuation reports. This report is an ongoing effort, and we welcome any feedback. If you notice any discrepancies, please reach out to pensionhelpdesk@reason.org so we can address and update the data accordingly.

This analysis takes the numbers as declared and starts by first compiling, analyzing, and contextualizing measures of pension funding and debt (Funding Health). We then analyze the various liability discount rates (Discount Rates) and their implications. Following, we dive deeper into the drivers and impact of past investment performance of public pension funds (Investment Performance) and its asset allocation (Asset Allocation). Finally, we analyze employer contributions to these funds (Employer Contributions) and the cash flows of these pension systems (Cash Flow).

This Reason Foundation data visualization project aggregates and displays financial information extracted from hundreds of audited government financial statements covering Fiscal Years 2020 through 2023. It represents the first project of its kind to systematically compile data from the audited annual comprehensive financial reports (ACFRs) of state and local governments across the United States into a single database, as well as Valuation Reports of a multitude of pension plan systems.

Although these are public documents, they are not required to be published in a machine-readable format. Without machine-readable formatting, extracting and compiling state and local governments' financial data becomes a laborious project. This barrier impedes bondholders, financial analysts, taxpayers, and citizens from conducting cross-jurisdictional analyses to evaluate how one government entity is performing in relation to others.

The financial and accounting data compiled herein underwent a rigorous validation process with multiple checkpoints, enabling us to accurately distill and compile these data into a series of charts and graphics comparing the performance of one jurisdiction against others. The data collected do not include every element of the financial statements but capture critical values from the government-wide Statements of Activities and Net Position and certain calculated ratios intended to aid users in financial statement analysis.