This article explores the financial health of Utah Retirement Systems, noting its strong funding ratio and low contribution rate compared to national averages. It also discusses the long-term sustainability of the system and the potential impact of future economic conditions on public employees' pensions.
Cathy Jensen retired from the state of Utah twice — once in 2010 after 33 years as a teacher and principal, and again in 2023 after about 14 years working for the Utah State Office of Education.
But how does Jensen’s experience relate to how Utah Retirement Systems is operating now? And what kind of experiences can Utah’s public employees expect in the future?According to Keith Brainard, the research director for the National Association of State Retirement Administrators, Utah Retirement Systems is “better funded than most.”
Nationally, he said, those ratios usually sit at around 75-76%. In Utah, it’s currently about 95%, putting the state in the top 10% of funding levels for public pension plans nationwide. A lot of it comes down to the fiscal condition of the plan sponsor, he said. In the case of URS, that’s the state of Utah and its employers — towns, school districts, counties and other entities.
In rough economic years, he said, some states will take a “contribution holiday” — where employers aren’t required to pay their contributions. Since then, lawmakers have raised firefighter and public safety employers’ caps to 14% and authorized employers to pay more. The 2011 change also increased the number of years public employees must work to reach their full benefits and lessened the amount of potential cost of living allowances, among other changes.
He explained that the changes helped Utah Retirement Systems secure a solid footing among successful public pension plans in the country and that, even though it doesn’t match what the “Tier 1″ plan offered, “t’s still an outstanding benefit, especially compared to other state pension systems across the country.”
Government Retirement UTAH RETIREMENT SYSTEMS PENSION FUNDS ACTUARIAL FUNDING RATIO PUBLIC PENSIONS RETIREMENT BENEFITS
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