Compared to many other states in the nation, Utah is in great fiscal condition. Not coincidentally, the state also delivers its annual audited financial report much faster than the average state.
The Retirement Security Initiative (RSI) has been developed to safeguard the integrity of public sector retirement plans around the nation. Unfunded retirement benefits are driving fiscal instability in many governments. RSI has developed a platform to inform citizens as well public and private sector leaders about the underlying issues.
RSI hasn’t just been throwing darts at bad actors. It has offered case studies of fiscal responsibility, including stories about pension reform in San Jose and Utah.
Utah clearly shows up as a good example in Truth in Accounting’s analysis as well. Utah has ranked among the top five states based on our “Taxpayer Burden” measure of fiscal condition. A key reason is Utah’s low unfunded retirement benefits. In addition, Utah ranks among the timeliest states in issuing its annual financial report.
The chart below compares Utah and Illinois on our “Zombie Index.” This index is intended to identify particularly troubled states where taxpayers may be at risk of being exposed to risky investment strategies in the assets behind the retirement benefit plans. Illinois has one of the highest "Zombie Index" scores in the nation, while Utah ranks among the lowest.
Here’s a link to an article about pension reform in Utah by former state senator Dan Liljenquist, who is one of the leaders of the RSI.