Bankruptcies, defaults, and other local government financial emergencies Page: 50
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Table 12
30 Selected Major City Retirement Systems:
Annual Benefit and Withdrawal Payments,
As a Percent of Annual ReceiptsCity
New York
Chicago
Los Angeles
Philadelphia
Detroit
Houston
Baltimore
Dallas
Cleveland
Indianapolis
Milwaukee
San Francisco
San Diego
San Antonio
Boston
Memphis
St. Louis
New Orleans
Phoenix
Columbus
Seattle
Jacksonville
Pittsburgh
Denver
Kansas City
Atlanta
Buffalo
Cincinnati
Nashville
Minneapolis
Average of 27 Cities
National AverageAnnual Benefit and
Withdrawal Payments
As a Percent of
Annual Receipts
1970-71 1981-8247.5%
52.7
43.7
66.4
48.0
26.3
50.3
23.0
102.0
26.5
40.9
37.7
33.3
74.3
38.4
36.4
75.3
16.3
60.1
84.8
95.0
55.4
23.1
59.6
35.1
66.6
55.4
50.9%
49.4%Percentage
Point
Change47.6% +0.1%
45.6 -7.1
46.8 +3.1
57.2 -9.2
35.7 -12.3
19.9 -6.4
47.5 -2.8
45.6 + 22.6
(No Local Systems)
97.1 -4.9
21.0 -5.5
49.9 +9.0
39.8 +2.1
36.1 +2.8
85.9 +11.6
28.7 -9.7
29.1 -7.3
67.4 -7.9
26.8 + 10.5
(No Local Systems)
61.0 +0.9
46.5 -38.3
98.1 +3.1
19.7 -35.7
26.1 +3.0
52.6 -7.0
(No Local Systems)
33.2 -1.9
39.7 -26.9
39.4 -16.046.1%
43.6%-4.8%
-5.8%SOURCE: U.S. Bureau of the Census, 1982 Census of Governments: EmployeeRetirement
Systems of State and Local Governments, Table 9, 1983.
For 1970-71 data, see U.S Bureau of the Census, Finances of Employee-Retirement
Systems of State and Local Governments in 1970-71,
Table 3, 1972.lems of state and local pension systems
by considering a staff study of
their intergovernmental aspects
and making a series of recommendations.
It reaffirmed its support of
state regulation and/or state consolidation
of state and local retirement
systems. The Commission
also recommended improved reporting
and disclosure of retirement
system information to statelocal
pension commissions and to
the public in general.5
Since 1973, many states have taken
legislative actions to improve
their supervision of local systems,
or to consolidate them into state
systems. Because of the New York
default, there has also been an increased
awareness of the need for
cities to issue audited financial reports
that provide better information
about the status of local
pension funds.
However, despite the improvement
in financial reporting, it is
still difficult to get comparable actuarial
information about the funding
of local retirement systems. Not
only are different assumptions
used for critically important variables
in the different cities, such as
inflation and rate of return on investments,
but the actuarial calculations
themselves are not uniform.
In the 1973 report, two measures
based on Bureau of the Census information
about local systems were
used instead of actuarial information.
The first measure was the net
amount of payments from the local
systems for benefits and withdrawals,
shown as a percentage of receipts.
The higher that this
percentage of payments and withdrawals
is to receipts, the less receipts
there will be left to
accumulate in the funds for future
benefit payments. In 1971, benefit
and withdrawal payments averaged
just over half of all pension
fund receipts in the 27 major city
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United States. Advisory Commission on Intergovernmental Relations. Bankruptcies, defaults, and other local government financial emergencies, book, March 1985; Washington, D.C.. (https://digital.library.unt.edu/ark:/67531/metadc1317/m1/60/?rotate=90: accessed April 19, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.