gears with pension funds (Photo: Shutterstock)

State and local pension plans have taken a beating from a bear market, geopolitical conflict and record inflation in 2022.

“The headline looking at 2022 compared to 2021 is not going to be a surprise,” says Anthony Randazzo, executive director of the Equable Institute. “There has been a meaningful reduction in state pension funded status. The number of states that were above 90% as of the end of 2021 was 17. We are projecting for 2022 that it’s going to be down to just seven.”

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