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Coronavirus Is Making the Public Pension Crisis Even Worse

As of 2018, state pension funds had on average invested 74 percent of their money in what Mr. Biggs called risky assets, including stocks, private equities, hedge funds and commodities. That was up from 69 percent in 2010, after the 2008 shock, and from 61 percent in 2001, when economists first began challenging the way public pensions operate.
-- Mary Williams Walsh, NYT