“… Preliminary information for 2017 indicates that the year’s strong investment performance will decrease reported unfunded liabilities, as public pension funds—which continue to allocate an ever greater share of assets to complex investments such as equities, hedge funds, real estate, and commodities that can produce higher returns than other assets but may also expose plans to increased risk—experienced gains from the upswing in financial markets. However, that same market volatility could have an adverse impact in the long term… ”