We’ve got anecdotal support that pension funds and endowments have been getting slammed, and we’ve also got numbers. A report from BNY Melon says that funding levels dropped a total of 3.7% for the month, making it the worst in three years. The good news is that old-style pensions, like the ones crippling the auto industry are on the way out. The bad news is that the public sector never got the lesson, which is why the situation has been likened to a ticking time bomb. Here are some frightening examples:
The equities market downturn impacted several state pensions. The value of largest system in the US, the $193bn California Public Employees Retirement System, fell 20%. North Carolina’s funding status dipped when it had $6bn wiped from the value of its $72bn pension fund, the 10th largest in the country.
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