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By Lou Cannon, State Net Capitol Journal
April 20, 2021
| 1:20 p.m.
Rebounding from a 30-year low in March 2020, state pension plans have survived the COVID-19 pandemic, thanks to the soaring stock market.
CalPERS, the nation’s largest public pension plan, posted a 12.4 percent return for the 2020 calendar year.
Overall, U.S. state pension plans reached an aggregate funded ratio of 78.6 percent in December, a leap of 16 percentage points from the 30-year low of 62.6 percent in March 2020, according to Wilshire Consulting, a Santa Monica-based investment research provider.
“The first and fourth quarters of 2020 illustrate just how closely pension funding is tied to the vagaries of the market,” said Becky Sielman, author of a pension fund study for Seattle-based Milliman, a global consulting and actuarial firm.
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