State and local pension funds saw the earnings on their investments rise more than 300 percent between 2012 and 2013, fueling much of the increase seen in state government revenues.
Earnings on pension fund investments skyrocketed 311.9 percent, from $93.1 billion in 2012 to $383.3 billion in 2013.
State insurance trust revenue jumped by 89.7 percent between 2012 and 2013, growing from $255.8 billion to $485.2 billion, according to new data from the U.S. Census Bureau. The increase in insurance trust revenue was responsible for close to three-quarters of the 16.3 percent increase in state government revenue seen over the period.
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State revenue went from $1.9 trillion in 2012 to $2.2 trillion in 2013, the Census Bureau said.
The insurance trust revenue is mostly made up of pensions which are administered by state governments, it said.
The amounts increased largely because of the market value of those pensions' investments.
According to its Annual Survey of Public Pensions, contributions to state and local public employee pension systems edged up 7.2 percent, from $143.4 billion in 2012 to $153.8 billion in 2013.
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