Who should be responsible for a public pension plan’s risk management policy?  

In Politics by Michael Rae

In July 2022, Reason Foundation’s Pension Integrity Project estimated that market performance would cause most public pension systems to report investment losses on average -6% for the year, causing the aggregate unfunded liabilities of state pension systems to rise to around $1.3 trillion in 2022, up from $783 billion in unfunded liabilities in 2021. Such a large growth in public pension debt has a major impact on annual costs, government budgets and taxpayers.

While a one-year negative investment return should not be the basis for making long-term funding policy decisions, it does provide an opportunity to ask the fundamental question:

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