National Conference on Public Employee Retirement Systems (NCPERS)

National Conference on Public Employee Retirement Systems (NCPERS) NCPERS is a 501(c)(3) nonprofit representing 650+ public retirement systems, plan sponsors, unions, and service providers.

Through education, insights, and peer connection, we help strengthen pension funds and secure retirements for 20M+ public servants. NCPERS is the largest trade association for public sector pension funds, representing more than 500 funds throughout the United States and Canada.

📈 New research from NCPERS shows that have reached their strongest fiscal sustainability position in more than 20 year...
08/26/2026

📈 New research from NCPERS shows that have reached their strongest fiscal sustainability position in more than 20 years, as they continue to make significant progress towards aligning long-term pension obligations with the economies that support them. https://bit.ly/3Ul2JsK

"Measuring the Fiscal Sustainability of Public Pensions" builds on NCPERS’ sustainability valuation framework, introduced in 2022 as a complement to traditional pension funding measures. Much as a homeowner evaluates a 30-year mortgage against decades of income rather than a single year’s paycheck, the framework allows pension liabilities to be evaluated against long-term economic capacity.

Analyzing data from 2002 through 2024, the research finds:

• National Pension Liabilities Are Sustainable: Pension liabilities relative to economic capacity have declined steadily in recent years. The report finds that the national sustainability ratio has remained below its long-term average for four consecutive years, and now stands at its lowest point in the 23-year study window.

• 48 States Are at or Below Their Sustainability Benchmarks: The research evaluates each state’s pension obligations against its own historical sustainability benchmark. As of 2024, 48 states are at or below those benchmarks, representing the strongest overall position in more than 20 years.

• Even the Most Stressed States Have Made Progress: Illinois, the original study’s most prominent example of fiscal sustainability challenges, spent twelve consecutive years above its sustainability benchmark from 2010 through 2021. In 2022 it crossed back below that benchmark for the first time in over a decade, and it remains below it today.

"For too long, conversations about public pensions have focused almost exclusively on liabilities without considering the economic capacity that supports them," said NCPERS' CEO Hank Kim. "This research shows that public pension systems are not only meeting their obligations, but doing so in a way that is increasingly sustainable relative to economic growth." https://bit.ly/4y9rzdP

The report also includes a comprehensive state-by-state sustainability analysis covering 2002 through 2024, allowing stakeholders to compare pension obligations, economic capacity, and long-term trends across all 50 states. See how your state measures up: https://bit.ly/3SWOVEr

The next generation of public pension thinkers took the stage at the 2026 Pension Lab: NextGen Competition! https://bit...
08/19/2026

The next generation of public pension thinkers took the stage at the 2026 Pension Lab: NextGen Competition! https://bit.ly/4bTwXZS

Graduate student teams from the Harris School of Public Policy at the University of Chicago presented innovative, policy-driven solutions to some of the most pressing challenges facing public pension systems. Each team brought a unique perspective, tackling everything from investment performance and pension reform to contribution policy and funding stability.

Team 1 — The Size Effect in Public Pension Funds
Prerna Panda, Neelima Raheja, and Vickie Siyu Zou, examined whether larger public pension funds generate better risk-adjusted returns. Their research found that the apparent size premium disappears when the illiquidity risk associated with alternative investments is properly accounted for.
Mentor: Tiffany Junkins ( Municipal Employees' Annuity & Benefit Fund of Chicago )

Team 2 — Chicago Pension Turnaround Proposal
Noah Bl**er and Melinda W. proposed a three-stage approach focused on transparency, accountability, and state action, including reforms to Chicago Police Department pension settlements that they estimate could generate $135–$210 million in annual savings.
Mentor: Kevin Reichart (Policemen's Annuity & Benefit Fund of Chicago)

Team 3 — Auto-Adjusting Pension Contributions
Lekakeny Ole Rumpe, Eemaan Khan, Yukun Lu, and AgustĂ­n Duarte Baracat proposed a rules-based contribution mechanism modeled after the Wisconsin Retirement System. Their approach aims to reduce political discretion in pension funding decisions and create a more predictable path to funding stability.
Mentor: Alex Li (State of Wisconsin Investment Board)

Team 4 — Breaking the Procyclical Trap
(Jason) Zezheng LIN proposed a three-layer reform framework centered on a Countercyclical Pension Stabilization Reserve, using Monte Carlo simulations of Illinois SERS outcomes to explore ways to make pension funding more resilient across economic cycles.
Mentor: Mary Cahill (Illinois State Board of Investment)

A special thank you to our judges—Carlton W. Lenoir Sr. ( Chicago Teachers' Pension Fund ), Lee Harris (Shelby County, Tennessee), Jean-Pierre Aubry ( Center for Retirement Research at Boston College ), Steve Zahn (Illinois Firefighters' Pension Investment Fund), and Tim Blair (Illinois State Employees' Retirement System)—for sharing their expertise and helping evaluate this year’s presentations.

🎉 And congratulations to this year’s winner, Jason Lin, for taking first place with “Breaking the Procyclical Trap”!

We’re excited to see how these emerging leaders continue to contribute fresh ideas and perspectives to the public pension field. https://bit.ly/4bTwXZS

Day 2 of NCPERS Public Pension Funding Forum continued with an afternoon of conversations focused on private equity, inv...
08/18/2026

Day 2 of NCPERS Public Pension Funding Forum continued with an afternoon of conversations focused on private equity, investment discipline, and new approaches to portfolio construction. https://bit.ly/4bTwXZS

Robert Field ( Drexel University ) examined the growing role of private equity in healthcare and the broader implications of consolidation across hospitals, physician practices, and other providers. The discussion went beyond the investment itself to consider patient outcomes, healthcare costs, and the policy environment, as well as what these trends could mean for pension funds invested in private equity.

Brett Graffy, of Churchill Asset Management followed with a data-driven look at private equity, highlighting the importance of manager selection, liquidity, fees, and pacing when evaluating the asset class. He noted that while the private equity premium has historically been meaningful, results can vary significantly by manager and vintage, making discipline and careful evaluation critical.

The afternoon then turned to how public pension systems are navigating market uncertainty. Thomas Lee (NYSTRS), Timothy Reese ( Commonwealth of Pennsylvania ), and Joseph Salazar ( Los Angeles Fire and Police Pensions ) shared how their systems are maintaining long-term investment discipline amid market volatility and political pressures. Across the discussion, strong policy, thoughtful governance, communication, and staying committed to a well-established asset allocation strategy emerged as important tools for navigating challenging markets.

Steven Novakovic, ( CAIA Association ) closed out the afternoon by exploring a different way of thinking about portfolio construction. His discussion of the Total Portfolio Approach focused on evaluating investments based on their contribution to the portfolio as a whole, rather than viewing each asset class in isolation, with the goal of better aligning risk, return, and long-term funding objectives.

Stay tuned, we have more to come! https://bit.ly/4bTwXZS

Day 2 of the Public Pension Funding Forum is in full swing! https://bit.ly/4bTwXZS We started the morning with Jean-Paul...
08/18/2026

Day 2 of the Public Pension Funding Forum is in full swing! https://bit.ly/4bTwXZS

We started the morning with Jean-Paul Aubry of the Center for Retirement Research at Boston College , who brought some good news on public pension funding. Funded ratios have improved to roughly 82%, despite a period of elevated inflation and interest rates. Strong investment performance, combined with relatively modest liability growth, has been a key driver of the improvement and underscores the resilience of public pension systems.

Next, Ina Simonovska of UC Davis explored the economic effects of tariffs and shifting trade policy, looking at how changes in global trade can influence inflation, economic growth, market conditions, and the investment environment public pension funds are navigating.

Mark Hays of Americans for Financial Reform tackled the evolving risks of cryptocurrency and whether recent federal legislation, including the GENIUS Act, meaningfully changes the investment landscape. The discussion examined different ways investors can gain crypto exposure, from direct holdings to infrastructure and platforms, as well as concerns around regulation, financial risk, and consumer protections.

We wrapped up the morning with Paulo Carvão of Harvard Kennedy School , who took a closer look at the massive investment driving the AI boom. The session explored whether current AI valuations reflect a sustainable growth opportunity or signs of an overheated market—and what either scenario could mean for pension portfolios with significant technology and equity exposure.

And there’s plenty more ahead today, including private equity and healthcare, staying the course in turbulent markets, and the total portfolio approach, followed by the Pension Lab: NextGen Competition. https://bit.ly/4bTwXZS

Thank You to Our 2026 Public Pension Funding Forum Sponsors! https://bit.ly/4bTwXZS We’re grateful to Cheiron, Inc. , Nu...
08/18/2026

Thank You to Our 2026 Public Pension Funding Forum Sponsors! https://bit.ly/4bTwXZS

We’re grateful to Cheiron, Inc. , Nuveen, a TIAA company , Bernstein Litowitz Berger & Grossmann LLP, and Wolf Popper for supporting this year’s Forum and helping bring the public pension community together in Chicago.

Their support helps create opportunities for public pension leaders, trustees, administrators, and industry experts to come together, exchange ideas, and have important conversations about the future of public pension funding.

Thank you for your partnership and continued support of NCPERS and the public pension community. https://bit.ly/4bTwXZS

Day 1 of the 2026 Public Pension Funding Forum has wrapped—and what a start! https://bit.ly/4bTwXZS We kicked off the Fo...
08/17/2026

Day 1 of the 2026 Public Pension Funding Forum has wrapped—and what a start! https://bit.ly/4bTwXZS

We kicked off the Forum at the University of Chicago with opening remarks from NCPERS’ Research Director, Matt Eckel, who welcomed attendees and introduced NCPERS’ new research on fiscal sustainability. As Matt put it, “Public pension funding is a long-horizon fiscal question, and it deserves long-horizon tools.”

He also shared three points to keep in mind as the Forum continues: the aggregate trend is favorable, improvement was not automatic, and aggregate results can conceal enormous variation across public pension systems.

We then took a closer look at the potential fiscal implications of the One Big Beautiful Budget Act (OBBBA) with Neva Butkus Institute on Taxation and Economic Policy . The discussion examined how federal tax changes could affect state revenues, from the costs of federal tax conformity to other provisions of the legislation.

Neva also highlighted emerging state tax trends and momentum, including efforts by some states to reject or limit certain OBBBA provisions and growing interest in policies that place a greater share of the tax burden on higher-income taxpayers.

We’re off to a strong start, with two more days of conversations ahead. Attendees will dive into the economic, investment, actuarial, and policy issues shaping the future of public pension funding. https://bit.ly/4bTwXZS

As the 2026 Public Pension Funding Forum gets underway in Chicago, NCPERS' Research Director, Matthew Eckel, welcomes at...
08/17/2026

As the 2026 Public Pension Funding Forum gets underway in Chicago, NCPERS' Research Director, Matthew Eckel, welcomes attendees and highlights research and data that connect closely to this year’s conversations.

Fiscal Sustainability: Our new report, Measuring the Fiscal Sustainability of Public Pensions, explores how fiscal sustainability can be measured and what the data can tell us about long-term pension health. https://bit.ly/4gj4puf

Public Retirement Systems Study: The latest study highlights encouraging funding trends, including rising funded ratios, while underscoring the importance of receiving the full actuarially determined contribution. https://bit.ly/3U1ORn8

Read Matt’s full welcome letter below and explore the latest NCPERS research: https://bit.ly/45yZU9N

NCPERS is in the Windy City! We’re excited to kick off the Public Pension Funding Forum at the University of Chicago and...
08/17/2026

NCPERS is in the Windy City! We’re excited to kick off the Public Pension Funding Forum at the University of Chicago and bring together public pension leaders, trustees, administrators, and industry experts for three days of timely conversations, new perspectives, and connection. https://bit.ly/4bTwXZS

📍 Registration opens at 3 PM—be sure to stop by, sign in, pick up your materials, and get settled before sessions begin.

Over the next few days, we’ll explore topics ranging from federal policy and tariffs to cryptocurrency, AI, private equity, actuarial funding strategies, and the economic outlook. We’ll also hear from industry experts and pension leaders about navigating market uncertainty while staying focused on long-term funding and investment goals. https://bit.ly/4bTwXZS

We’re also looking forward to the Pension Lab: NextGen Competition, featuring graduate student teams from the The University of Chicago Harris School of Public Policy as they present innovative, policy-driven solutions to public pension funding challenges.

We can’t wait to see you at the Forum!

How are actually approaching AI? https://bit.ly/4vH8AFO During NCPERS' August 25 webinar, Director of Research Matt Ec...
08/13/2026

How are actually approaching AI? https://bit.ly/4vH8AFO

During NCPERS' August 25 webinar, Director of Research Matt Eckel will share findings from our latest survey, exploring where plans are adopting AI, the barriers slowing implementation, emerging governance practices, and what pension leaders see as the biggest opportunities and risks.

👉 Register now to join the conversation: https://bit.ly/4vH8AFO

🔗 Read the latest research from NCPERS on AI Adoption and Strategy in Public Pension Administration: https://bit.ly/4pYoQRp

🎉 Congratulations to the spring 2026 class of NCPERS Advanced Fiduciaries! https://bit.ly/4g2Iasm We're delighted to rec...
08/10/2026

🎉 Congratulations to the spring 2026 class of NCPERS Advanced Fiduciaries! https://bit.ly/4g2Iasm

We're delighted to recognize the 14 trustees and staff who mastered the advanced governance, human capital, finance, & risk management strategies taught in NCPERS Advanced Fiduciary (NAF) Institute:

• Joseph Caniglia, City of Omaha Police and Fire Retirement System
• Joseph Cavanaugh, City of Alexandria Pension Administrative Division
• Anthony Clark, Birmingham Police/Fire Pension System
• John Dominguez, Denver Employees Retirement Plan (DERP)
• Robert Festerman, City of Dearborn General Employees Retirement System
• Nicholas Koluncich, Public Employees Retirement Association of New Mexico - PERA
• Christina McGrath, Teachers' Retirement System of the City of New York
• John Memory, Somerville Retirement Board
• Brian Moore, Public Safety Personnel Retirement System
• Renee Ostrander, San Joaquin County Employees Retirement Association
• Todd Pickett, Wayne County Employees’ Retirement System
• Megan Piwonski, Connecticut Municipal Employees Retirement System
• Stephen Vital, City of Phoenix Employees Retirement System
• Andrew Wagner, Milwaukee Police Association

Looking to take your leadership to the next level? Register now to join the fall class in Nashville on October 24-25: https://bit.ly/4zbzsAw

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