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U.S. Public Pension Portfolios More Aggressive Than Private Plans or European Counterparts
Governing June 14, 2012 "Many U.S. public pension plans have a propensity to imprudently invest their portfolios more aggressively than private plans or their Canadian and European peers with similar demographics. That's one of the findings documented in a study by an international trio of academics. That paper is potentially the most important research in the public pension arena this decade.... [T]he researchers found that state and local government public pension plans in the U.S. allocated higher percentages of their portfolios to risky assets as their plans' retirees/actives ratio increased, which is exactly opposite of what prudent fiduciaries would do if concerned solely for the interests of beneficiaries." |
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