“When financial markets slumped in 2008, the assets in government-worker pension funds plunged and public sector retirement debt soared. Although pension officials rushed to assure the public that their funds would recover as soon as stocks rebounded, the long bull market that began the following year didn’t do much to cut states steep retirement debt. Most state and local pension funds closed the books on their latest fiscal year on June 30… early returns suggest that the industry fell well short of its lofty investment goals.” Read the rest by clicking on the link.
Source: The Public Pension Problem: It’s Much Worse Than It Appears | Manhattan Institute