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Lessons from the Rise and Fall of America's First Funded Pension Plan
Mark Higgins, CFA, CFP®, via SSRN Link to more items from this source
Feb. 14, 2022

"Aided by more than a decade of strong investment returns across most asset classes, the aggregate funded status of U.S. public pension plans [has] improved meaningfully.... [However,] periods of exceptional returns are often followed by leaner years.... [T]he very first funded pension plan in the United States, the U.S. Navy Pension Plan, faced similar challenges in the early 1800s. Their failure to address them skillfully led to full liquidation of the portfolio by 1841.... [S]everal valuable lessons remain applicable today."

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