At the state level, there are major differences in public pension funding. It can be as low as $73.6 million per year all the way up to $4.2 billion; it depends on the state. (Photo: Shutterstock)

There's a lot of angst over the funding of state and municipal pensions, a 24/7 Wall St. report reminds us. While most private-sector workers are offered only defined contribution plans, which don't necessarily provide a steady income during retirement unless they offer some sort of annuity option (few do), it's a different matter for most public employees, who are looking forward to a guaranteed income when the time comes to retire. Only 19 percent of private-sector workers get such a plan these days. But the market doesn't always play nice with pension funds in its care, nor do state and local governments always contribute sufficient funds to make sure those benefits are covered. And in the wake of the Great Recession, lots of those governments are struggling to make sure that their pension plans are up to the job. And it's a big job; as 24/7 Wall St. points out that while "[t]he responsibility of collecting funds and paying the pensions falls to state and local governments, … these governments spend millions each year in regular payments and lump sums to the beneficiaries—the retired employees and their families. About 80 percent of state spending on retirement programs last year was part of regular payments to former employees. The remainder was in the form of lump sums paid to relatives of employees, as well as expenses." At the state level, there are major differences in funding, the report adds. It can be as low as $73.6 million per year all the way up to $4.2 billion; it depends on the state. And that follows through to how much the state spends per capita; some pensioners live in places where it's as low as $26, while other retirees live in states forking over $1,500 a head. Ironically, there's not all that much relationship between per capita spending and how well a state's pension plan is funded. But the funding part of the picture isn't pretty. As of 2016, 24/7 Wall St. says, "14 states had less than 60 percent of the funds needed to meet their future pension payment obligations." If you're game to see what sort of condition your own plan is in, below are the 10 states that have the best retirement funding. If you're a pessimist, or simply don't see your state below, you could steel yourself to check out the 10 states with the worst retirement funding.