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Thursday, November 21, 2024

Breaking Down Utah's Pension Contributions: $1.4 million collected in 2022

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Lt. Governor Deidre M. Henderson | ltgovernor.utah.gov

Lt. Governor Deidre M. Henderson | ltgovernor.utah.gov

In 2022, Utah had received $1.4 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, $1.4 million was in state pension funds, and the remaining $40,497 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.

Utah reported data from 10 pension systems, including eight state-level pension funds and two local-level systems. The total number of pension system members was 237,845 (234,295 at the state level and 3,550 at the local level).

Contributions to Utah's public pension funds
LocalStateLocal & State
Employee contributions$334$41,294$41,629
Government contributions$40,163$1,340,585$1,380,748
Total Contributions$40,497$1,381,879$1,422,377
Source: US Census Bureau

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