Newsom, key Democratic governors brace for pension crunch as recession looms

Dec 28 2022 by POLITICO - TOP Stories

 

The stock market’s plunge battered public retirement systems in 2022. The outlook for 2023 is even more grim.

With Wall Street CEOs warning of financial carnage ahead, governors overseeing some of the nation’s largest pension systems are bracing for a hit to state investment funds that have long supported benefit plans and cash-strapped budgets. The longer the decline, the harder it gets for governments to pay retirement benefits promised to millions of teachers, cops,...

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