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class="form-control" placeholder="Search"> <button type="submit" class="btn small"> Submit </button> </form> </div> </li> </ul> </div> </div> </nav> </header>  <div data-rocket-location-hash="48e213c400dd76c4726856c38296e779" class="wrap" role="document">  <div data-rocket-location-hash="6eab064e5002adda820655a4d2500628" class="content"> <main data-rocket-location-hash="87611424e1e87488693bc30b8945fec3" class="main" role="main"> <div class="container"> <div class="row"> <div class="col-12 col-md-10 offset-md-1 col-lg-8 offset-lg-2"> <div class="page-header"> <a href="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop.jpg" class="author-image-link"><img width="150" height="150" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20150%20150'%3E%3C/svg%3E" class="attachment-thumbnail size-thumbnail" alt="" style="" decoding="async" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-150x150.jpg 150w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-300x300.jpg 300w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-1024x1024.jpg 1024w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-768x768.jpg 768w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop.jpg 1028w" data-lazy-sizes="(max-width: 150px) 100vw, 150px" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-150x150.jpg" /><noscript><img width="150" height="150" src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-150x150.jpg" class="attachment-thumbnail size-thumbnail" alt="" style="" decoding="async" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-150x150.jpg 150w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-300x300.jpg 300w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-1024x1024.jpg 1024w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop-768x768.jpg 768w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/Swaroop.jpg 1028w" sizes="(max-width: 150px) 100vw, 150px" /></noscript></a> <h1> Swaroop Bhagavatula </h1> <h4><span class="job_title" style="font-style:italic;">Quantitative Analyst</span>, <span class="organization">Reason Foundation </span></h4> <div class="author-social-section"> <div class="author-social-item"><a href="mailto:Swaroop.bhagavatula@reason.org"><span class="fa-stack fa-lg"> <i class="fa fa-circle fa-stack-2x"></i> <i class="fa fa-envelope fa-stack-1x fa-inverse"></i> </span></a></div><div class="author-social-item"><a href="/author/Swaroop-Bhagavatula/feed/" style="color:#FF6600"><span class="fa-stack fa-lg"> <i class="fa fa-circle fa-stack-2x"></i> <i class="fa fa-rss fa-stack-1x fa-inverse"></i> </span></a></div> <div class="author-social-item"><a href="/contact-reason-foundation/">Media Contact</a></div> </div> </div> <div class="bio"> <p>Swaroop is a quantitative analyst at Reason Foundation's Pension Integrity Project.</p> <p>At Reason, Swaroop has contributed to in-depth analysis of the <a href="https://reason.org/policy-study/montana-public-employee-retirement-system-pension-solvency-analysis/"><span style="font-weight: 400;">Montana MPERS</span></a><span style="font-weight: 400;"> and </span><a href="https://reason.org/policy-study/montana-teacher-retirement-system-trs-pension-solvency-analysis/"><span style="font-weight: 400;">Montana TRS</span></a><span style="font-weight: 400;"> pension systems.</span></p> <p>Prior to joining Reason, Bhagavatula gained a wide variety of exposure to credit risk and data analytics from being a risk analyst at Shell, an energy analyst at <a href="https://www.mckinsey.com/industries/oil-and-gas/how-we-help-clients/energy-insights/overview#"><span style="font-weight: 400;">McKinsey</span></a><span style="font-weight: 400;">, and working in structured finance at </span><a href="https://www.moodysanalytics.com/public-courses/structured-finance-training?utm_source=google&utm_medium=cpc&utm_campaign=SB_LS_Branded_Training_Courses&utm_content=Structured_Finance&gclid=Cj0KCQjwub-HBhCyARIsAPctr7z42dzBz61SEx54WzUBT0HoaEsAXyxM5aSASnhhNNtya77WaK6BFKAaAto8EALw_wcB"><span style="font-weight: 400;">Moody鈥檚</span></a><span style="font-weight: 400;">.</span></p> <p>Swaroop holds a bachelor's of science in chemical engineering and a minor in economics from the University of Illinois at Chicago.</p> </div> <p style="text-align:left;"><a id="showfullbio">Show Full Bio</a><a id="hidefullbio">Hide Full Bio</a> </p> <hr> <ul class="nav nav-pills"> <li class="active"> <a href="/author/swaroop-bhagavatula/">All</a> </li> <li class=""> <a href="https://reason.org/author/swaroop-bhagavatula/?only=commentary">Commentaries</a> </li> <li class=""> <a href="https://reason.org/author/swaroop-bhagavatula/?only=policy-study">Policy Studies</a> </li> </ul> <ul class="listingcontent row"> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/california-fossil-fuel-pension-divestment-bill-stopped-for-now/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_130814684-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_130814684-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="California fossil fuel pension divestment bill stopped, for now" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_130814684-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_130814684-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_130814684-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_130814684-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="California fossil fuel pension divestment bill stopped, for now" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/california-fossil-fuel-pension-divestment-bill-stopped-for-now/" class="listingcontent-title"> California fossil fuel pension divestment bill stopped, for now </a> </h5> <p class="entry-subhead"> Fiduciary duty is the only thing pension funds should be considering when picking investments. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2023-08-04T10:07:02-04:00">August 4, 2023</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/california-legislature-shouldnt-politicize-or-micromanage-public-pension-investments/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_266464892-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_266464892-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="California legislature shouldn’t politicize or micromanage public pension investments" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_266464892-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_266464892-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_266464892-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_266464892-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="California legislature shouldn’t politicize or micromanage public pension investments" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/california-legislature-shouldnt-politicize-or-micromanage-public-pension-investments/" class="listingcontent-title"> California legislature shouldn’t politicize or micromanage public pension investments </a> </h5> <p class="entry-subhead"> CalPERS and CalSTRS must be allowed to focus on their mission of fulfilling the retirement benefits promised to workers. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2023-05-09T10:47:11-04:00">May 9, 2023</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/data-visualization/comparing-alaskas-defined-benefit-and-defined-contribution-retirement-plans/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/alaskadcdb-380x211.png 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/alaskadcdb-750x422.png 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Comparing Alaska’s defined benefit and defined contribution retirement plans" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/alaskadcdb-380x211.png"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/alaskadcdb-380x211.png" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/alaskadcdb-380x211.png 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/alaskadcdb-750x422.png 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Comparing Alaska’s defined benefit and defined contribution retirement plans" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/data-visualization/comparing-alaskas-defined-benefit-and-defined-contribution-retirement-plans/" class="listingcontent-title"> Comparing Alaska’s defined benefit and defined contribution retirement plans </a> </h5> <p class="entry-subhead"> Most of Alaska鈥檚 public employees would be better served in the existing defined contribution plan. </p> <p class="entry-meta"> <a href="https://reason.org/data-visualization/">Data Visualization</a> by <a href="https://reason.org/author/truong-bui/" title="Posts by Truong Bui" class="author url fn" rel="author">Truong Bui</a>, <a href="https://reason.org/author/zachary-christensen/" title="Posts by Zachary Christensen" class="author url fn" rel="author">Zachary Christensen</a>, <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> and <a href="https://reason.org/author/jordan-campbell/" title="Posts by Jordan Campbell" class="author url fn" rel="author">Jordan Campbell</a> <time class="published" datetime="2023-04-10T00:01:00-04:00">April 10, 2023</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/chicago-wants-to-open-a-casino-to-help-pay-down-its-public-pension-debt/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_262050101-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_262050101-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Chicago wants to open a casino to help pay down its public pension debt" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_262050101-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_262050101-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_262050101-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_262050101-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Chicago wants to open a casino to help pay down its public pension debt" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/chicago-wants-to-open-a-casino-to-help-pay-down-its-public-pension-debt/" class="listingcontent-title"> Chicago wants to open a casino to help pay down its public pension debt </a> </h5> <p class="entry-subhead"> Pursuing inadequate solutions with highly politicized taxes or through a brand-new casino is a futile way to dodge the city鈥檚 public pension debt and fiscal challenges head-on. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2023-03-07T00:01:00-05:00">March 7, 2023</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/ftx-collapse-is-a-reminder-that-public-pension-systems-should-avoid-high-risk-investments/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/FTX-bankruptcy-public-pension-plan-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/FTX-bankruptcy-public-pension-plan-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="FTX collapse is a reminder that public pension systems should avoid high-risk investments" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/FTX-bankruptcy-public-pension-plan-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/FTX-bankruptcy-public-pension-plan-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/FTX-bankruptcy-public-pension-plan-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/FTX-bankruptcy-public-pension-plan-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="FTX collapse is a reminder that public pension systems should avoid high-risk investments" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/ftx-collapse-is-a-reminder-that-public-pension-systems-should-avoid-high-risk-investments/" class="listingcontent-title"> FTX collapse is a reminder that public pension systems should avoid high-risk investments </a> </h5> <p class="entry-subhead"> The recent bankruptcy of FTX sparks important questions about the exposure of public pension funds鈥攁nd taxpayers鈥攖o cryptocurrencies. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2022-12-02T10:47:31-05:00">December 2, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/the-uks-margin-call-offers-warning-signs-for-public-pension-funds-in-the-us/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/uk-ldi-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/uk-ldi-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="The UK鈥檚 margin call offers warning signs for public pension funds in the US" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/uk-ldi-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/uk-ldi-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/uk-ldi-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/uk-ldi-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="The UK鈥檚 margin call offers warning signs for public pension funds in the US" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/the-uks-margin-call-offers-warning-signs-for-public-pension-funds-in-the-us/" class="listingcontent-title"> The UK鈥檚 margin call offers warning signs for public pension funds in the US </a> </h5> <p class="entry-subhead"> American policymakers can derive an important lesson from the current pension challenges in the United Kingdom. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2022-11-08T00:01:00-05:00">November 8, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/examining-the-populations-best-served-by-defined-benefit-and-defined-contribution-plans/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_182479531-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_182479531-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Examining the populations best served by defined benefit and defined contribution plans" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_182479531-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_182479531-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_182479531-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_182479531-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Examining the populations best served by defined benefit and defined contribution plans" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/examining-the-populations-best-served-by-defined-benefit-and-defined-contribution-plans/" class="listingcontent-title"> Examining the populations best served by defined benefit and defined contribution plans </a> </h5> <p class="entry-subhead"> The claim that a defined benefit plan is more efficient than a defined contribution plan, purely on a basis of cost, overlooks a larger and more meaningful perspective regarding benefit distribution. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a>, <a href="https://reason.org/author/rod-crane/" title="Posts by Rod Crane" class="author url fn" rel="author">Rod Crane</a>, <a href="https://reason.org/author/truong-bui/" title="Posts by Truong Bui" class="author url fn" rel="author">Truong Bui</a> and <a href="https://reason.org/author/richardhiller/" title="Posts by Richard Hiller" class="author url fn" rel="author">Richard Hiller</a> <time class="published" datetime="2022-07-18T00:01:00-04:00">July 18, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/nirs-assessment-of-the-retirement-efficiency-gap-leaves-out-some-key-details/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_174861299-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_174861299-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="NIRS’ assessment of the retirement efficiency gap leaves out some key details聽" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_174861299-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_174861299-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_174861299-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_174861299-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="NIRS’ assessment of the retirement efficiency gap leaves out some key details聽" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/nirs-assessment-of-the-retirement-efficiency-gap-leaves-out-some-key-details/" class="listingcontent-title"> NIRS’ assessment of the retirement efficiency gap leaves out some key details聽 </a> </h5> <p class="entry-subhead"> This analysis misses some key facts. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2022-05-27T17:20:14-04:00">May 27, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/sp-globals-annual-pension-report-projects-an-uncertain-future-for-pension-funds/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_30425148-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_30425148-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="S&P Global鈥檚 annual pension report projects an uncertain future for pension funds" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_30425148-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_30425148-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_30425148-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_30425148-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="S&P Global鈥檚 annual pension report projects an uncertain future for pension funds" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/sp-globals-annual-pension-report-projects-an-uncertain-future-for-pension-funds/" class="listingcontent-title"> S&P Global鈥檚 annual pension report projects an uncertain future for pension funds </a> </h5> <p class="entry-subhead"> Market experts are warning that factors such as inflation, rising interest rates, and slower payroll growth could derail public pension systems' funding progress. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2022-03-14T00:00:00-04:00">March 14, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/comparing-how-much-states-contribute-to-public-workers-defined-contribution-retirement-plans/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_9857852-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_9857852-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Comparing how much states contribute to public workers’ defined contribution retirement plans" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_9857852-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_9857852-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_9857852-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xxl_9857852-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Comparing how much states contribute to public workers’ defined contribution retirement plans" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/comparing-how-much-states-contribute-to-public-workers-defined-contribution-retirement-plans/" class="listingcontent-title"> Comparing how much states contribute to public workers’ defined contribution retirement plans </a> </h5> <p class="entry-subhead"> Government employers should ensure their contributions to employees' defined contribution retirement plan are in line with industry best practices. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/zachary-christensen/" title="Posts by Zachary Christensen" class="author url fn" rel="author">Zachary Christensen</a> and <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2022-03-10T01:00:00-05:00">March 10, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/texas-teacher-pension-system-makes-investment-in-risky-special-purpose-acquisition-company/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_117617382-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_117617382-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="The Texas teacher pension system makes investment in risky special purpose acquisition company" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_117617382-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_117617382-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_117617382-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_117617382-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="The Texas teacher pension system makes investment in risky special purpose acquisition company" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/texas-teacher-pension-system-makes-investment-in-risky-special-purpose-acquisition-company/" class="listingcontent-title"> The Texas teacher pension system makes investment in risky special purpose acquisition company </a> </h5> <p class="entry-subhead"> SPACs are a high risk, high reward investment and can threaten a pension funds ability to pay promised benefits. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2022-01-21T04:46:00-05:00">January 21, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/maryland-could-pay-down-some-state-pension-debt-by-leasing-bwi-airport/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_105548709-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_105548709-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Maryland could pay down some state pension debt by leasing BWI Airport" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_105548709-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_105548709-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_105548709-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_105548709-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Maryland could pay down some state pension debt by leasing BWI Airport" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/maryland-could-pay-down-some-state-pension-debt-by-leasing-bwi-airport/" class="listingcontent-title"> Maryland could pay down some state pension debt by leasing BWI Airport </a> </h5> <p class="entry-subhead"> Long-term airport leases can improve the quality of airport services and provide additional revenue for governments. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> and <a href="https://reason.org/author/chris-summers/" title="Posts by Christopher Summers" class="author url fn" rel="author">Christopher Summers</a> <time class="published" datetime="2022-01-21T00:00:00-05:00">January 21, 2022</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/maryland-state-retirement-pension-system-lowers-investment-return-assumption-but-more-reforms-are-needed/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_75316858-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_75316858-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Maryland State Retirement Pension System lowers investment return assumption, but more reforms are needed" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_75316858-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_75316858-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_75316858-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_75316858-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Maryland State Retirement Pension System lowers investment return assumption, but more reforms are needed" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/maryland-state-retirement-pension-system-lowers-investment-return-assumption-but-more-reforms-are-needed/" class="listingcontent-title"> Maryland State Retirement Pension System lowers investment return assumption, but more reforms are needed </a> </h5> <p class="entry-subhead"> MSPRS should consider lowering its assumed rate of return even lower than 6.8% to align with market projections. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2021-10-25T10:00:00-04:00">October 25, 2021</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/what-u-s-pension-plans-can-learn-from-canadian-pension-funds/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_94989636-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_94989636-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="What U.S. pension plans can learn from Canadian pension funds" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_94989636-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_94989636-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_94989636-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_94989636-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="What U.S. pension plans can learn from Canadian pension funds" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/what-u-s-pension-plans-can-learn-from-canadian-pension-funds/" class="listingcontent-title"> What U.S. pension plans can learn from Canadian pension funds </a> </h5> <p class="entry-subhead"> Canada's federal and provincial public pension plans tend to be much better funded than U.S. state and local pensions. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2021-08-24T11:00:00-04:00">August 24, 2021</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/how-population-changes-impact-public-pension-funds/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_30589662-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_30589662-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="How Population Changes Impact Public Pension Funds" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_30589662-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_30589662-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_30589662-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_30589662-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="How Population Changes Impact Public Pension Funds" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/how-population-changes-impact-public-pension-funds/" class="listingcontent-title"> How Population Changes Impact Public Pension Funds </a> </h5> <p class="entry-subhead"> States with declining populations need to make changes to their pension plans to avoid accruing even more public pension debt. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2021-07-13T23:00:00-04:00">July 13, 2021</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/solvency-analysis/montana-trs/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/montana-trs-header-380x211.png 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/montana-trs-header-750x422.png 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Montana Teacher Retirement System (TRS) Pension Solvency Analysis" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/montana-trs-header-380x211.png"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/montana-trs-header-380x211.png" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/montana-trs-header-380x211.png 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/montana-trs-header-750x422.png 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Montana Teacher Retirement System (TRS) Pension Solvency Analysis" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/solvency-analysis/montana-trs/" class="listingcontent-title"> Montana Teacher Retirement System (TRS) Pension Solvency Analysis </a> </h5> <p class="entry-subhead"> </p> <p class="entry-meta"> <a href="https://reason.org/solvency-analysis/">Solvency Analysis</a> by <a href="https://reason.org/author/leonard-gilroy/" title="Posts by Leonard Gilroy" class="author url fn" rel="author">Leonard Gilroy</a>, <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a>, <a href="https://reason.org/author/evgenia-sidorova/" title="Posts by Jen Sidorova" class="author url fn" rel="author">Jen Sidorova</a> and <a href="https://reason.org/author/steven-gassenberger/" title="Posts by Steven Gassenberger" class="author url fn" rel="author">Steven Gassenberger</a> <time class="published" datetime="2021-05-11T17:43:00-04:00">May 11, 2021</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/commentary/should-public-pension-funds-be-investing-in-cryptocurrency/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_154494448-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_154494448-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Should Public Pension Funds Be Investing In Cryptocurrency?" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_154494448-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_154494448-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_154494448-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_154494448-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Should Public Pension Funds Be Investing In Cryptocurrency?" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/commentary/should-public-pension-funds-be-investing-in-cryptocurrency/" class="listingcontent-title"> Should Public Pension Funds Be Investing In Cryptocurrency? </a> </h5> <p class="entry-subhead"> It鈥檚 not wise for public pension funds and taxpayers to be exposed to such financial risk. </p> <p class="entry-meta"> <a href="https://reason.org/commentary/">Commentary</a> by <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a> <time class="published" datetime="2021-04-29T13:00:20-04:00">April 29, 2021</time> </p> </div> </li> <li class="listingcontent listingcontent-narrow col-12"> <div class="listingcontent-image"> <a href="/policy-study/montana-public-employee-retirement-system-pension-solvency-analysis/"> <img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20351%20195'%3E%3C/svg%3E" data-lazy-srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_127044533-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_127044533-750x422.jpg 750w" data-lazy-sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Montana Public Employee Retirement System (MPERS) Pension Solvency Analysis" class="entry-image" width="351" height="195" style="width: 100%; height: auto;" data-lazy-src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_127044533-380x211.jpg"><noscript><img src="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_127044533-380x211.jpg" srcset="https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_127044533-380x211.jpg 360w, https://a8d50b36.delivery.rocketcdn.me/wp-content/uploads/dreamstime_xl_127044533-750x422.jpg 750w" sizes="(max-width: 767px) 100vw, (min-width: 767px) 238px, (min-width: 977px) 311px, (min-width: 1185px) 378px" alt="Montana Public Employee Retirement System (MPERS) Pension Solvency Analysis" class="entry-image" width="351" height="195" style="width: 100%; height: auto;"></noscript> </a> </div> <div class="listingcontent-body"> <h5 class="entry-title"> <a href="/policy-study/montana-public-employee-retirement-system-pension-solvency-analysis/" class="listingcontent-title"> Montana Public Employee Retirement System (MPERS) Pension Solvency Analysis </a> </h5> <p class="entry-subhead"> The Montana Public Employee Retirement System public pension plan is only 74 percent funded. </p> <p class="entry-meta"> <a href="https://reason.org/policy-study/">Policy Study</a> by <a href="https://reason.org/author/evgenia-sidorova/" title="Posts by Jen Sidorova" class="author url fn" rel="author">Jen Sidorova</a>, <a href="https://reason.org/author/swaroop-bhagavatula/" title="Posts by Swaroop Bhagavatula" class="author url fn" rel="author">Swaroop Bhagavatula</a>, <a href="https://reason.org/author/steven-gassenberger/" title="Posts by Steven Gassenberger" class="author url fn" rel="author">Steven Gassenberger</a> and <a href="https://reason.org/author/leonard-gilroy/" title="Posts by Leonard Gilroy" class="author url fn" rel="author">Leonard Gilroy</a> <time class="published" datetime="2021-02-25T10:00:00-05:00">February 25, 2021</time> </p> </div> </li> </ul> <div class="pagination-controls col-12"> <ul class="pagination"><li class="disabled"><a href="#">Prev</a></li><li class="active "><a href="#">1</a></li><li class=""><a href="/author/swaroop-bhagavatula/page/2/">2</a></li><li class="next"><a href="/author/swaroop-bhagavatula/page/2/" >Next</a></li></ul> </div>  </div> </div> </div> </main>  </div>  </div>  <footer data-rocket-location-hash="32663b7250d2417c56c01b2c0a02304b" class="content-info" role="contentinfo"> <div class="container"> <div class="row"> <div class="col-sm-4"> <h4 class="bold-header">Follow</h4> <ul 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