15 pages. "The market downturn of the last several months has exacerbated the funding shortfalls facing many public pensions funds across the country ... In the short- and medium-term, pension funds will have increased difficulties meeting their required contributions and other financial obligations, and many may also face a liquidity crisis.... [P]ublic pension fund managers are now in a position to implement long-needed reforms to their investment, management, and public policy strategies."  MORE >>