By Daniel Tenreiro, includes “… To be fair, it’s not just CalPERS. Meng’s announcement reflects a gradual increase in risk-taking by public-pension funds over the last few decades. In 1992, the average public-retirement fund invested roughly half of its assets in stocks and alternatives, with the remainder going to comparatively safe bonds. Today, the average fund allocates 80 percent to stocks and alternatives. … A 2019 study by Federal Reserve economists found that those pension funds with the largest unfunded liabilities tend to take the most risk …”