Source: AI-CIO.com
Public pension funds were not spared from the carnage of the Great Financial Crisis, as assets and funding statuses eroded between December 2007 and June 2009. From 2009-2013, there was a significant dip in the aggregate percentage of required contributions paid. When the economy recovered, states and other plan sponsors normalized their contribution levels.
A recent webinar held by the National Institute on Retirement Security, in conjunction with consulting firm Segal and Lazard Asset Management, reviewed the report “Examining the Experience of Public Pension Plans Since the Great Recession,” which examines how public retirement plans weathered the period’s market and made subsequent changes to public pension funds to ensure their long-term sustainability.