Top 10 states for pension spending

The National Institute on Retirement Security says DB plans supported about $943 billion in total economic output in 2012, the most recent year for which data was available. Its most recent study also claims that spending by pensioners supported 6.2 million jobs in the U.S., to the tune of some $306.9 billion.

Which states saw the greatest total economic impact of DB pension expenditures? Here’s the top 10, according to research by the NIRS:

1. California

Total impact: $60.3 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 376,572

Total income to state residents supported by pension expenditures: $20.8 billion Impact on state tax revenues: $10.9 billion

2. New York

Total impact: $44.3 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 273,015

Total income to state residents supported by pension expenditures: $16.9 billion

Impact on state tax revenues: $7.4 billion

3. Illinois 

Total impact: $25.3 billion

Jobs supported by retiree expenditures from state and local pension plan benefits:164,871

Total income to state residents supported by pension expenditures: $8.6 billion

Impact on state tax revenues: $3.6 billion

4. Texas

Total impact: $23.7 billion

Jobs supported by retiree expenditures from state and local pension plan benefits: 146,387

Total income to state residents supported by pension expenditures: $7.5 billion.

Impact on state tax revenues: $2.9 billion

5. Ohio

Total impact: $19.7 billion 

Jobs supported by retiree expenditures from state and local pension plan benefits: 144,785

Total income to state residents supported by pension expenditures: $6.3 billion 

Impact on state tax revenues: $2.9 billion