The National Institute on Retirement Security says DB plans supported about $943 billion in total economic output in 2012, the most recent year for which data was available. Its most recent study also claims that spending by pensioners supported 6.2 million jobs in the U.S., to the tune of some $306.9 billion.
Which states saw the greatest total economic impact of DB pension expenditures? Here's the top 10, according to research by the NIRS:
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1. California
Total impact: $60.3 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 376,572
Total income to state residents supported by pension expenditures: $20.8 billion Impact on state tax revenues: $10.9 billion
2. New York
Total impact: $44.3 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 273,015
Total income to state residents supported by pension expenditures: $16.9 billion
Impact on state tax revenues: $7.4 billion
3. Illinois
Total impact: $25.3 billion
Jobs supported by retiree expenditures from state and local pension plan benefits:164,871
Total income to state residents supported by pension expenditures: $8.6 billion
Impact on state tax revenues: $3.6 billion
4. Texas
Total impact: $23.7 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 146,387
Total income to state residents supported by pension expenditures: $7.5 billion.
Impact on state tax revenues: $2.9 billion
5. Ohio
Total impact: $19.7 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 144,785
Total income to state residents supported by pension expenditures: $6.3 billion
Impact on state tax revenues: $2.9 billion
6. Pennsylvania
Total impact: $17.5 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 121,615
Total income to state residents supported by pension expenditures: $5.8 billion
Impact on state tax revenues: $2.3 billion
7. New Jersey
Total impact: $15.3 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 96,763
Total income to state residents supported by pension expenditures: $5.5 billion
Impact on state tax revenues: $2.3 billion
8. Florida
Total impact: $13.4 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 99,520
Total income to state residents supported by pension expenditures: $4.4 billion
Impact on state tax revenues: $1.8 billion
9. Michigan
Total impact: $12.7 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 95,208
Total income to state residents supported by pension expenditures: $4 billion
Impact on state tax revenues: $1.6 billion
10. Massachusetts
Total impact: $10.5 billion
Jobs supported by retiree expenditures from state and local pension plan benefits: 69,351
Total income to state residents supported by pension expenditures: $4 billion
Impact on state tax revenues: $1.4 billion
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