Public pensions entered the recession caused by COVID-19 in a worse position than the 2008 Great Recession despite a decade-long bull market, according to a new report released by the Equable Institute.
Only one in five public funds were resilient enough to weather future downturns by the end of 2019, according to the report, and unfunded liabilities are expected to grow to $1.62 trillion in 2020, up from $1.35 trillion in 2019. That would bring the aggregated funded ration to 67.9%, the lowest point in modern history.
