The funded ratio of the Indiana public pension plans stands at 65%, according to a new analysis from the Tax Foundation based on fiscal-year 2017 data.

The state’s pension fund has the 33rd highest funded ratio among the 50 states, the Tax Foundation study found. The percentage was calculated by comparing the market value of the pension fund’s assets to its accrued pension liabilities.

The analysis is based on data released by the Pew Charitable Trusts.

A low ratio points to the state’s pension system being not well-funded, and a higher ratio means that pension fund assets are keeping up with liabilities, according to the Tax Foundation.

Historically, state pension funds were classified as defined-benefit plans, which guarantee retiring members an annuity for life. More recently, however, states have created defined-contribution plans for new hires, allowing workers to oversee individual accounts and helping states to reduce liabilities over time, the analysis said. 

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State Pension Plan Funding Percentages, From Highest to Lowest

Rank	State	Funded Ratio of State Public Pension Plans
1	Wisconsin	103%
2	South Dakota	100%
3	Tennessee	97%
4	New York	95%
5	Idaho	91%
6	North Carolina	91%
7	Utah	90%
8	Nebraska	90%
9	Washington	90%
10	Oregon	83%
11	Delaware	83%
12	Iowa	82%
13	Maine	82%
14	Ohio	80%
15	Florida	79%
16	Georgia	79%
17	West Virginia	79%
18	Oklahoma	78%
18	Missouri	78%
20	Virginia	77%
21	Arkansas	77%
22	Texas	76%
23	Wyoming	76%
24	Nevada	74%
25	Montana	73%
26	Alabama	71%
27	California	69%
28	Maryland	69%
29	Kansas	67%
30	Alaska	67%
31	Louisiana	65%
31	Michigan	65%
33	Indiana	65%
34	Vermont	64%
35	North Dakota	64%
36	Minnesota	63%
37	New Hampshire	63%
38	New Mexico	63%
39	Arizona	62%
40	Mississippi	62%
41	Massachusetts	60%
42	Pennsylvania	55%
43	Hawaii	55%
44	South Carolina	54%
45	Rhode Island	54%
46	Colorado	47%
47	Connecticut	46%
48	Illinois	38%
49	New Jersey	36%
50	Kentucky	34%

Source: Tax Foundation and the Pew Charitable Trusts