Phillip Nelson, Partner and Director of Asset Allocation, was featured in Bloomberg’s article, “Pension Crisis Deepens in U.S. as Strategies Shift, Outlooks Dim.”

Public pensions across the U.S. have a big problem: The gap between their assets and liabilities is growing while the outlook for investment returns is worsening.

“For the next 10 years, our expected returns are 6.1%, not 7%,” Chief Investment Officer Ben Meng told the board of the California Public Employees’ Retirement System last week. Calpers, the country’s largest pension at about $366 billion, lowered its long-term investing return target to 7% in late 2016.

View the full article on Bloomberg’s site here.