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11 State Pension Funds In Trouble

11 State Pension Funds that May Run Out of Money

Posted Oct 18, 2010 03:50pm EDT by Gus Lubin in Investing, Recession, Election

Provided by The Business Insider, October, 18, 2010:

Here's a shocker: The most immediate state pension crises aren't in New York or California. They're in Middle America.

When it comes to state pensions in the most trouble, do places like New Hampshire come to mind? Probably not, unless you live there, and maybe not even then.

After all, it makes sense that the biggest, most populous members of the union, where budget follies are fairly common, would be facing the most urgently needed fixes. The truth is considerably different. The Granite State claims the No. 11 slot, and it's not the only unexpected name facing pension woes.

Hawaii, Kansas and others made their way on to the list. Now, these pension plans aren't going to be obliterated tomorrow -- New Hampshire, for instance, is estimated to see its plan run out of money in 2022, so they've got 12 years to rectify the situation.

For some other states, the matter is more pressing, and no more so than for the Land of Lincoln.

Illinois is just 8 years away from exhausting its pension fund and creating a yearly $14 billion hole, according to data from Joshua Ruah an associate professor of finance at the Kellogg School....

That's a projected 32 percent of the state's revenue going to fill a pension hole. Every year.

Indiana, Louisiana, Oklahoma and Colorado are among the next pension funds to fall. The rest of the union is just around the corner.

But wait. Just to make sure the list is not a complete surprise, know that the New York City suburbs of Connecticut and New Jersey made it on board. They have until 2019 to sort it out.

And Now, 11 State Pension Funds That May Run Out of Money

#1 Illinois

Year pension fund runs out: 2018

Bill in the following year: $13.6 billion

Share of state revenue: 32%

#2 Connecticut

Year pension fund runs out: 2019

Bill in the following year: $4.9 billion

Share of state revenue: 27%

#3 Indiana

Year pension fund runs out: 2019

Bill in the following year: $3.6 billion