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Friday, November 8, 2024

Breaking Down West Virginia's Pension Contributions: $961,607 collected in 2020

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West Virginia Governor James C. Justice | governor.wv.gov

West Virginia Governor James C. Justice | governor.wv.gov

In 2020, West Virginia had received $961,607 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, $835,597 was in state pension funds, and the remaining $126,010 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.

West Virginia reported data from 65 pension systems, including eight state-level pension funds and 57 local-level systems. The total number of pension system members was 177,512 (172,465 at the state level and 5,047 at the local level).

Contributions to West Virginia's public pension funds
LocalStateLocal & State
Employee contributions$26,797$185,980$212,777
Government contributions$99,213$649,617$748,830
Total Contributions$126,010$835,597$961,607
Source: US Census Bureau

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