Despite years of underfunding by state and local governments, most public pension plans are solidly funded and are experiencing a robust recovery from the Great Recession, according to Hank Kim, executive director and counsel of the National Conference on Public Employee Retirement Systems (NCPERS).

The nation's largest public pension fund collected a dismal 1 percent annual return on its investments, a figure far short of projections that will likely bring pressure on California's state and local governments to contribute more money, officials said Monday.

A highly anticipated report ordered by Gov. Scott Walker recommended no changes to Wisconsin's $77 billion pension system.