Top 10 states for pension spendingNews added by Benefits Pro on August 1, 2014
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Benefits Pro

Joined: September 07, 2011

By Linda T. Kennedy

The National Institute on Retirement Security says DB plans supported about $943 billion in total economic output in 2012, the most recent year for which data was available. Its most recent study also claims that spending by pensioners supported 6.2 million jobs in the U.S., to the tune of some $306.9 billion.

Which states saw the greatest total economic impact of DB pension expenditures? Here’s the top 10, according to research by the NIRS:
1. California

Total impact: $60.3 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 376,572

Total income to state residents supported by pension expenditures: $20.8 billion Impact on state tax revenues: $10.9 billion
2. New York

Total impact: $44.3 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 273,015

Total income to state residents supported by pension expenditures: $16.9 billion

Impact on state tax revenues: $7.4 billion
3. Illinois

Total impact: $25.3 billion

Jobs supported by retiree expenditures from state and local pension plan benefits:164,871

Total income to state residents supported by pension expenditures: $8.6 billion

Impact on state tax revenues: $3.6 billion
4. Texas

Total impact: $23.7 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 146,387

Total income to state residents supported by pension expenditures: $7.5 billion.

Impact on state tax revenues: $2.9 billion
5. Ohio

Total impact: $19.7 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 144,785

Total income to state residents supported by pension expenditures: $6.3 billion

Impact on state tax revenues: $2.9 billion
6. Pennsylvania

Total impact: $17.5 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 121,615

Total income to state residents supported by pension expenditures: $5.8 billion

Impact on state tax revenues: $2.3 billion
7. New Jersey

Total impact: $15.3 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 96,763

Total income to state residents supported by pension expenditures: $5.5 billion

Impact on state tax revenues: $2.3 billion
8. Florida

Total impact: $13.4 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 99,520

Total income to state residents supported by pension expenditures: $4.4 billion

Impact on state tax revenues: $1.8 billion
9. Michigan

Total impact: $12.7 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 95,208

Total income to state residents supported by pension expenditures: $4 billion

Impact on state tax revenues: $1.6 billion
10. Massachusetts

Total impact: $10.5 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 69,351

Total income to state residents supported by pension expenditures: $4 billion

Impact on state tax revenues: $1.4 billion

Originally published on BenefitsPro.com
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