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![anthonyrandazzo Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::18031339.png) Anthony Randazzo [@anthonyrandazzo](/creator/twitter/anthonyrandazzo) on x 1615 followers
Created: 2025-07-17 12:08:00 UTC

At the end of 2013 there was $920b in actuarial pension debt. Btwn 2014-23 this increased by a net of $411b billion. Here's why —
- Lowered Assumptions: Public plans rightly lowered investment assumptions (the dark blue line), but that meant recognizing more unfunded liabilities. 
- Interest on the Debt: Contributions were also less than interest on the debt for most years, leading to additional pension debt (purple line). 
- Other: Most other factors were negligible during this period, most states paid their required contributions and benefits weren't meaningfully expanded or cut as a whole. 
- Investment Experience: However, huge investment returns in 2021 created actuarial gains that balanced out most other factors.



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**Related Topics**
[investment](/topic/investment)
[$411b](/topic/$411b)
[debt](/topic/debt)
[$920b](/topic/$920b)

[Post Link](https://x.com/anthonyrandazzo/status/1945817761130889275)