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The Hidden Danger in Public Pension Funds
The Wall Street Journal; subscription may be required Link to more items from this source
[Opinion]
Dec. 16, 2013
"Meager yields leave America's enterprising public-pension plan managers with a choice: Accept a lower return-forcing higher taxpayer contributions -- or take on more risk to keep 8% returns flowing. [The author's] estimate, based on Treasury yields and analysis from economists at the Office of the Comptroller of the Currency, is that a pension today must build a portfolio with a standard deviation -- how much returns vary from year-to-year -- of 14%. Such high volatility means that a fund would suffer losses roughly one out of every four years."

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