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This article was published by The National Institute On Retirement Security
The Great Recession, or the Global Financial Crisis (GFC), was the severe economic downturn that occurred between 2007-2009. It impacted nearly all sectors of the U.S. economy. Individual and institutional investors lost sizeable assets as financial markets contracted, and the economic recovery period, characterized by slow job growth and high unemployment, was prolonged. Public pension plans have made a number of adjustments to their actuarial assumptions and investment allocations since the Great Recession to adapt to structural changes in the economy. Costs and liabilities for many plans have increased due to these changes, but these plans should be better positioned for potential future market downturns.
