State and local governments’ defined benefit assets ended 2016 on a positive note, according to the Federal Reserve, which says that public DB plan assets grew in the 4th quarter.
The National Association of State Retirement Plan Administrators reports that funded public DB assets grew by 1.3%, to a record $3.86 trillion. That was $50 billion more than their assets in the previous quarter and $200 billion more than in the 4th quarter of 2015.
According to the Fed, total public DB financial assets are even higher: They amounted to $5.6 trillion in the final quarter of 2016, and were $63 billion better than in the 3rd quarter of 2016 and almost $260 billion more than in the 4th quarter of 2015.
State and local DC plans grew consistently from the 3rd quarter of 2015 to the 3rd quarter of last year. However, they did slip slightly from the 3rd to the 4th quarter of 2016, says the Federal Reserve. Collectively they held $490.6 billion as the year ended, $2.7 billion less than in the 3rd quarter.
Not to throw cold water on the good news, but the Fed also reports that while the DB plans that state and local governments run had assets of $5.606 trillion at the end of 2016, they also collectively had liabilities of $5.764 trillion. And those liabilities have been growing in every quarter since the third quarter of 2015.
The National Association of State Retirement Plan Administrators reports that funded public DB assets grew by 1.3%, to a record $3.86 trillion. That was $50 billion more than their assets in the previous quarter and $200 billion more than in the 4th quarter of 2015.
According to the Fed, total public DB financial assets are even higher: They amounted to $5.6 trillion in the final quarter of 2016, and were $63 billion better than in the 3rd quarter of 2016 and almost $260 billion more than in the 4th quarter of 2015.
State and local DC plans grew consistently from the 3rd quarter of 2015 to the 3rd quarter of last year. However, they did slip slightly from the 3rd to the 4th quarter of 2016, says the Federal Reserve. Collectively they held $490.6 billion as the year ended, $2.7 billion less than in the 3rd quarter.
Not to throw cold water on the good news, but the Fed also reports that while the DB plans that state and local governments run had assets of $5.606 trillion at the end of 2016, they also collectively had liabilities of $5.764 trillion. And those liabilities have been growing in every quarter since the third quarter of 2015.
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