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Saturday, November 23, 2024

Michigan reports $5.3 million in public pension contributions in 2020

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Michigan Governor Gretchen Whitmer | michigan.gov

Michigan Governor Gretchen Whitmer | michigan.gov

In 2020, Michigan had received $5.3 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, $4.6 million was in state pension funds, and the remaining $744,114 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.

Michigan reported data from 147 pension systems, including six state-level pension funds and 141 local-level systems. The total number of pension system members was 674,880 (569,011 at the state level and 105,869 at the local level).

Contributions to Michigan's public pension funds
LocalStateLocal & State
Employee contributions$130,000$431,492$561,492
Government contributions$614,114$4,126,957$4,741,071
Total Contributions$744,114$4,558,449$5,302,563
Source: US Census Bureau

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