Quantcast

Grand Canyon Times

Thursday, November 21, 2024

Breaking Down Arizona's Pension Contributions: $6.6 million collected in 2022

Webp uovqapw24uqhvljqbf5vznrsiejj

Arizona Governor Katie Hobbs | Office of the Arizona Governor Katie Hobbs

Arizona Governor Katie Hobbs | Office of the Arizona Governor Katie Hobbs

In 2022, Arizona had received $6.6 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, $6.4 million was in state pension funds, and the remaining $291,784 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.

Arizona reported data from 61 pension systems, including four state-level pension funds and 57 local-level systems. The total number of pension system members was 718,929 (693,412 at the state level and 25,517 at the local level).

Contributions to Arizona's public pension funds
LocalStateLocal & State
Employee contributions$67,994$1,598,850$1,666,844
Government contributions$223,789$4,758,146$4,981,935
Total Contributions$291,784$6,356,996$6,648,780
Source: US Census Bureau

MORE NEWS