December 5, 2012 in Publications
Erin Shannon, Director, Center for Small Business,
Erin Shannon, Director, Center for Small Business
and Melanie Stambaugh, Research Assistant
November 29, 2012 in Publications
Paul Guppy, Vice President for Research,
Paul Guppy, Vice President for Research
and Jason Mercier, Director, Center for Government Reform
- The average annual state pension for all plans (weighted by headcount) is $21,493.
- Two of Washington’s nine pension plans are already in the red with unfunded liabilities totaling more than $5 billion.
- Washington’s multibillion-dollar pension problem was not created overnight, so it will take time to eliminate these unfunded liabilities.
- For future pension benefits, Washington should transition to a defined-contribution plan, similar to a 401(k), for new hires.