(Photo of Oregon capitol building, Salem: Getty)

A new review found that 2022 was a volatile year for managing pension funds. Economic upheaval, uncertainty due to the pandemic, a war in Europe—it all added up to poor investment returns and in some cases, a reversal of gains seen in 2021.

The analysis is spelled out in a research brief called “The State of Pensions 2022 Year End Update,” published by Equable Institute, a bipartisan think tank. The analysis estimated that U.S. state and municipal retirement systems saw their aggregate funding ratio fall to 77.3% at the end of 2022, down from the 83.9% funded ratio during fiscal year 2021.

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