Market Turmoil Sparked by Iran War Wiped Out $233B in Public Pension Funding
A 3.5% aggregated investment loss spurred by war in the Middle East wiped $233 billion from the 100 largest U.S. public pension plans in March, dropping their funded levels to 83.7% from 87% in February, according to actuarial and consulting firm Milliman. It was the first time the dataset recorded investment losses in more than a year, and it halted the progress of the aggregate funded level’s steady rise from almost 80% funded 12 months earlier. Milliman estimated that individual...
