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Alternative Market Briefing

Wilshire reports drop in funding levels of 109 US retirement systems

Wednesday, September 14, 2016

Komfie Manalo, Opalesque Asia:

Wilshire Consulting, the institutional investment advisory and outsourced-CIO business unit of Wilshire Associates Inc., estimates the ratio of pension assets-to-liabilities, or funding ratio, for the city and county pension plans it studied had dropped to 70% in fiscal year 2015,from 74% 2014.

Wilshire gathered data from recent financial and actuarial reports available and includes 109 city and county retirement systems for its report, "Wilshire 2016 Report on City & County Retirement Systems: Funding Levels and Asset Allocation."

"Despite relatively strong performance from U.S. stocks, both an increase in interest rates in the second quarter of 2015 and a stronger U.S. dollar weakened performance of fixed income and non-U.S. dollar investments during the year, allowing pension liabilities to outpace pension assets in 2015," noted Russ Walker, vice president, Wilshire Consulting, and an author of the report. "With that, we found that out of the 99 city and county retirement systems that reported actuarial data for 2015, 93% are underfunded with market value of assets less than pension liabilities."

For the 99 city and county retirement systems that reported actuarial data for 2015, pension a......................

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