In 2022, Massachusetts had received $8.5 million in contributions to its public pension funds, according to data obtained from the U.S. Census Bureau’s Annual Survey of Public Pensions.
Of that amount, $5.3 million was in state pension funds, and the remaining $3.2 million was in local government pension funds.
The survey includes public pensions sponsored by local and state government entities with employees who are compensated with public funds. The local governments include counties, townships, school districts and special districts.
The data gathered includes revenues, expenditures, financial assets, membership and liabilities information.
It’s worth noting that residents in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are not subject to state income taxes.
The Census Bureau cautions that not all respondents answer all survey questions. Thus, some fields were left blank.
Massachusetts reported data from 104 pension systems, including 14 state-level pension funds and 90 local-level systems. The total number of pension system members was 685,787 (471,861 at the state level and 213,926 at the local level).
| Local | State | Local & State | |
|---|---|---|---|
| Employee contributions | $1,159,471 | $1,774,471 | $2,933,942 |
| Government contributions | $2,027,024 | $3,507,628 | $5,534,652 |
| Total Contributions | $3,186,494 | $5,282,099 | $8,468,594 |
Source: US Census Bureau
