Hoover Institution · Stanford University

U.S. School Employees' Pension Funds Analysis

District-level pension contributions and their impact on education budgets, 2015–2023

Gregory Kearney and Joshua D. Rauh, 2026

Key finding: Nationally, pension contributions consume roughly 10.57% (up 2.1 percentage points since 2015) of associated education expenditures - the portion of district budgets covering instruction, administration, and other expenditures linked to pension-covered employees. This growth places increasing pressure on instructional and operational spending.

$77.2B
2023 Contributions
10.57%
of Associated Education Expenditures
~12,800
Districts Covered
2015–23
Years Studied

About This Project

Over the past few decades, pension systems have become increasingly underfunded. This underfunding has real consequences, as states and districts must contribute more and more each year to keep pace with their ongoing pension obligations to retirees.

This dashboard is the first nationwide, district-level database of public K-12 pension contributions in the United States. It links pension costs to education budgets, harmonizing data across 95 distinct state and local defined-benefit retirement systems. The goal of this effort is to help politicians, policymakers, and the general public better understand how much of associated education expenditures go toward pension contributions and how that has changed over time.

Use the tools below to explore district-level pension data, compare state burdens, analyze funding scenarios, and download state-specific reports.

Getting Started

New to pension data? Learn how to use this tool with a state-by-state guided walkthrough, showing what the numbers mean and how to interpret them.

Take the tour

District Lookup

View pension contributions for any of the ~12,800 school districts across the country. Our data include total contributions, budget share, and state vs. district splits.

Search a district

State Comparisons

Compare pension contributions across all 50 states and Washington D.C. See which states have the highest costs and how they've changed over the last decade.

Compare states

Sensitivity Analysis

See how pension costs change under alternative return assumptions or Treasury-yield scenarios.

See scenarios

Budget Calculator

Calculate how pension costs affect your district's budget under different discount rate scenarios. Look up your district or run scenarios using your own numbers.

Calculate impact

State Reports

Browse state-by-state reports covering funding ratios, financial metrics, and pension system details built for policymakers and journalists.

Browse reports
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Percentage of associated education expenditures consumed by pension contributions (2023). Click a state to explore district-level data →

Methodology & Data

Contributions are reconstructed from GASB 67/68 actuarial reports, district CAFRs, and NCES Fiscal Survey microdata. Full data sources, reconstruction methods, and validation checks are documented in our methodology page.