Blockbuster Gains Have Public Pensions Dialing Back Projections
- New York, California, Maryland cut investment targets
- Funds post best one-year returns in more than three decades
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One of the most worrisome risks for state and local governments just got a little more manageable.
Blockbuster stock market gains are allowing U.S. public pensions to lower their assumed investment return and the chance that taxpayers have to make up any shortfalls.