January 2026
05Jan

Equable Institute Analysis: U.S. Public Pension Funds Close 2025 with Strong Returns

Equable Institute released a year-end update to its State of Pensions 2025 report. The analysis finds the aggregate funded ratio for U.S. state and local retirement systems are on track to improve from 78.0% in 2024 to 82.5% in 2025, based on data available through December 31st, 2025. Equable Institute estimates that unfunded liabilities will total $1.27 trillion for the 2025 fiscal year, compared to $1.54 trillion at the end of 2024. Strong market performance and record high contribution rates...

January 5, 2026
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December 2025
19Dec

Labor Supply and Savings Responses to Increasing the Pension Eligibility Age in South Korea

By Janghyeok An, Devon Gorry & Jonathan M. Leganza We study how South Koreans responded to an increase in the full pension eligibility age. Using a regression discontinuity design, we document the causal effects of the change on several potential margins of adjustment. We find clear evidence of delayed benefit claiming, consistent with studies in other settings. However, we find little to no statistical evidence of changes in labor supply, in contrast with previous literature. We also find no changes...

December 19, 2025
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November 2025
26Nov

South Africa. Military veterans pension “collapsing”

South Africa’s military veterans were promised dignity, stability, and financial relief through the Military Veterans Pension. Instead, thousands remain trapped in poverty and uncertainty as the Department of Military Veterans (DMV) and the Government Pensions Administration Agency (GPAA) preside over one of the most dysfunctional benefit rollouts in post-apartheid history, according to the Amalgamated Veterans of South Africa (AVSA). Ernest Lintnaar, CEO of AVSA, said what was meant to uplift veterans has become a crisis of unlawful deductions, lost files,...

November 26, 2025
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14Nov

Public Pensions and Private Savings

By Esteban García-Miralles & Jonathan M. Leganza How does the provision of public pension benefits impact private savings? We answer this question in the context of a Danish reform that increased social security eligibility ages. Using administrative data and a regression discontinuity design, we identify the causal effects of the policy on savings throughout the financial portfolio. We find increases in contributions to personal and employer-sponsored retirement accounts when delayed benefit eligibility induces extended employment. We argue that inertia—the continuation...

November 14, 2025
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12Nov

Trans troops sue United States Air Force over revoked pensions after 15–18 years of service

A group of trans veterans, lead by Master Sergeant Logan Ireland, 37, (pictured) is suing the United States Air Force after being stripped of retirement benefits they say were promised to them following years of honourable service. The lawsuit, filed on 10 November in the U.S. Court of Federal Claims, involves 17 former Air Force and Space Force members who each served between 15 and 18 years. Under the Temporary Early Retirement Authority (TERA), they were initially granted early retirement in June, only for the Air Force to...

November 12, 2025
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10Nov

Thailand. Government revisits plan to raise civil service retirement age to 65

Thailand is revisiting the proposal to extend the civil service retirement age from 60 to 65, a reform aimed at addressing the ageing population and labour shortages. A report from the OCSC shows that, as of 2024, Thailand has 1.12 million government officials, including 414,088 civil servants, who are the main group under review for the proposed age extension. Other categories include 441,168 teachers, 268,063 local administrative officials, 213,086 police officers, 26,364 officials from independent constitutional agencies, 9,408 university civil servants,...

November 10, 2025
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04Nov

US Public Pension Market Bubble Exposure Remains High

Robust market valuations in recent years have supported funding progress for U.S. state and local defined benefit pension plans. However, public pensions remain underfunded and fundamentally exposed to market volatility. A market shock could increase the burden of state and local pension liabilities and drive contributions higher, says Fitch Ratings. Governments with weaker liability metrics and high carrying cost burdens could be most vulnerable to rating pressure. Post-global financial crisis, plan sponsors took various policy actions such as reducing benefits...

November 4, 2025
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October 2025
17Oct

Evolution and Growth: How Public Pension Plans Have Diversified Their Investments Amid Changing Markets

By John Sullivan, Katie Comstock & Tyler Bond A report from the National Institute on Retirement Security (NIRS) and Aon examines the changes public pension plan investing has undergone throughout the twenty-first century. After decades of investing primarily in bonds and other fixed income assets, public pension plans have shifted to more diverse investment portfolios, which enabled these funds to grow, deliver reliable benefits, and withstand market turmoil during and after the 2008 Global Financial Crisis (GFC). These findings are detailed in a...

October 17, 2025
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17Oct

Koreans’ life expectancy has exceeded 83 years, but their retirement age is still in their mid to late 50s

Koreans' life expectancy has exceeded 83 years, but their retirement age is still in their mid to late 50s. As of 2025, the average monthly receipt of the national pension is only about 670,000 won. In other words, it is not enough to prepare the necessary funds for the retirement period, which lasts more than 20 years on average. In addition, if the national pension is not received early, it can be received from the age of 63 to 65,...

October 17, 2025
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16Oct

US. Public Pensions Are Closing Talent Gaps, Survey Reveals

After years of fierce competition for top talent, public pension funds are seeing positive momentum for recruitment and retention, even as salary growth stabilizes. The 2025 Public Pension Compensation Survey conducted by CBIZ and NCPERS reveals that 57% of public pension funds now report no issues attracting or retaining skilled staff, an increase of nearly 20% since 2022. “The public pension sector’s recent workforce stabilization suggests that intentional compensation planning, enhanced benefits, and flexible work models are proving just as powerful as...

October 16, 2025
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