The funded status of state pension plans continued dropping in 2012, although the losses were relatively modest, according to a report from Morningstar.
The aggregate funding ratio of the pension funds of the 50 states, as well as the Commonwealth of Puerto Rico, was 72.6%. Of that total, only six states have funding ratios of 90% or more, with Wisconsin having the best funding ratio at 99.9%, up from 99.8% the previous year, according to the second annual State of State Pension Plans report.
Among states, Illinois was the worst funded state retirement system for the second year in a row, with a 40.4% funding ratio, down from 43.4% the year before. Puerto Rico, however, has the worst funding of all, with an aggregate 11.2% funding ratio.
The aggregate unfunded liability per capita was about $2,600, according to the report.
Data were typically from comprehensive annual financial reports, and mostly as of June 30, 2012.
