The Road Ahead | Navigating Public Pension Strategy in a Shifting Environment

March 2026

Public pension funds are in a stronger position than they have been in years. Strong equity markets, improving funded status, and a decade of hard lessons have helped many plans regain their footing. But the environment ahead is changing.

Discount rates are evolving. Demographics are shifting. Portfolios carry more illiquid exposure than ever before. At the same time, governance expectations for boards and investment staff continue to grow.

What does this mean for pension strategy going forward?

Topics included:
• Measuring plan health beyond funded status
• What is truly driving asset allocation decisions today
• Where liquidity risk may be building beneath the surface
• Governance structures that support resilient plans
• The questions board chairs are asking most right now, including the role of AI