As the bull market enters its 11th year, state and local pension plans are piling on risk, as they try to make up shortfalls.
Public plans had a median 47.3% of their assets in U.S. equities at the end of the third quarter. That is more than they have had since 2007 and up from 44.1% a year earlier.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.