In the 1980’s public employees in Galveston, Matagorda and Brazoria counties, Texas were released from the social security system. Today those retirees have a funded account that they own and the distributions are at least 50% greater than they would have received under social security.
Yep, the Texas Municipal Retirement System right? or something like that.
But a state-level SS? That would be crazy. It’d end up just like all those broke state pension funds.