Gov. Gregoire welcomes excellent results of the Morningstar U.S. State Pension Analysis

For Immediate Release: November 30, 2012

OLYMPIA � Washington had the nation�s second strongest funded state employee pension plan in 2011, according to a report released this week by Morningstar.

�Washington has long been a leader in maintaining a strong public pension system,� said Gov. Chris Gregoire. �As this report illustrates, our effective management has made Washington state�s pension system a model for other states.�

The report, The State of State Pension Plans � A Deep Dive Into Shortfalls and Surpluses, analyzes the latest public pension funding data for all 50 states. According to that analysis, Washington�s pension system is the second strongest in terms of both overall funding ratio (98.1 percent) and per capita unfunded liability ($160). To put those figures in perspective, Washington was one of only seven states with funding ratios above 90 percent and one of only eight states with unfunded liabilities under $1,000 per capita.

Since 2007, the state has enacted pension reforms that will put Washington�s pension plans on stronger footing for decades to come. Over the next 25 years, those reforms are projected to save about $5 billion for the General Fund and $10 billion for all funds.