Steven Gassenberger is a policy analyst with Reason Foundation's Pension Integrity Project.
Prior to joining Reason, Gassenberger worked as a consumer advocacy manager for Xerox Corporation specializing in financial consumer regulation and compliance. He also worked as a senior associate for Stateside Associates, where he developed state-level management strategies for a variety of policy areas.
Gassenberger graduated from the University of New Orleans with a Bachelor of Arts in international relations and received a Master of Arts in public policy from Tel Aviv University.
Investment returns, failing to meet unrealistic expectations, have been the largest contributor to the unfunded liability growth, adding $4.2 billion to the unfunded liability since 2000.
Preliminary analysis of ASRS actuarial valuation reports and Comprehensive Annual Financial Reports (CAFRs) by the Pension Integrity Project at Reason Foundation.
The Teacher Retirement System of Texas reported an unfunded pension liability of $35.4 billion in 2017.