Average public pension plan investment return assumption falls below 7.0 percent
Among 131 plans measured, more than half have reduced their investment return assumption since FY 20, resulting in a decline in the average investment return assumption below 7.0 percent. This is the lowest level in more than 40 years. (Latest Investment Return Assumptions, NASRA)
73 percent of public pension plans using layered amortization
Of the 79 variable rate plans in the sample that use closed amortization, 58, or 73 percent use layered amortization, with the remaining 21, or 27 percent using a single-layer amortization period. Among plans using layered amortization, the median amortization period for actuarial experience is 20 years, and the average is 20.9 years. (Overview of Public Pension Plan Amortization Policies, NASRA)
Risk-sharing in public retirement plans
Nearly every state enacted significant reforms to its pension plans in recent years, and for many plans, one outcome is that more risk has been shifted from employers to employees through use of plan designs such as variable contribution rates, variable benefits, and hybrid plans, among other features. "In-depth: Risk Sharing in Public Retirement Plans" describes broad risk sharing features established in one or more public retirement plans, as well as detailed case studies on systems whose plan designs include unique or notable risk sharing features.
See Also: NASRA Video, "Introduction to Shared Risk in Public Pensions
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