State and local government retirement systems had nearly $3 trillion in assets at the end of last year, according to a brief released this month by the National Association of State Retirement Administrators and the National Council on Teacher Retirement. That was a 35 percent increase since the funds collectively bottomed out at the end of March 2009.
A joint press release by the two pro-defined benefits organizations says that "recent plan redesign efforts underway in virtually every state" and higher median returns of about 13 percent in 2010, help explain the increase.
The release quotes a blast from Keith Brainard, NASRA's research director, aimed at public pension critics who use older numbers: "Discussions of pension funding should use these more recent figures instead of depressed asset values that are no longer accurate. Out-of-date numbers create misleading impressions about the true financial condition of public pension plans.