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U.S. public pensions suffer worst year since the financial crisis
An ugly start to the year for stocks and bonds has put a dent in the retirement plans of millions of state and local employees.
U.S. public pension plans saw big losses during this year’s market rout, with median losses totaling 7.9% for the year ended June 30, according to data from institutional investment consultant Wilshire Associates.
This marked worst annual performance — and first annual decline — for public retirement systems since 2009, according to Wilshire’s data.
Plans worth over $1 billion were down 7.3% for the fiscal year ending June 30, 2022, and their smaller counterparts saw declines totaling 12.1% over the same period.
Although declines were seen across the board, large plans — or those with over $1 billion in assets under management — registered smaller losses than plans handling assets below that threshold, with the bulk of these declines coming in the second quarter.
Read more @Yahoo Finance
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