Despite the broader bull market over the past eight years, some of the nation’s largest public pension funds, like the California Public Employees’ Retirement System (CalPERS) and the five New York City Public Pension Funds, are severely underfunded. How did things get so bad? A number of factors have contributed to these declines, including an increased focus on politically motivated investment decisions, rather than investments more likely to optimize returns. Read more about ACCF’s reporting on this issue by clicking the links below.