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| State of Pensions 2021: Pension Trends in an Era of Accelerating Volatility (PDF) Equable  Dec. 9, 2021 15 pages. "On the surface, the top story of 2021 for public retirement systems would appear to be record setting investment returns. With average returns at 27.5%, this year will always be notable for generating such large asset gains. But the real story is how, even after a $400-500 billion surge in assets, state pension plans as a whole still face a large funding shortfall and might have billions more in unfunded liabilities not yet recognized on their books." |
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