Pandemic Worsens Pension Crisis

The video discusses the global pension crisis exacerbated by COVID-19, highlighting reduced contributions, low investment returns, and increased debt. The Mercer CFA Institute Global Pension Index shows a decline in pension systems, with the US ranking 18th. US pension plans face a growing financial gap, worsened by pandemic-induced revenue losses. States like New Jersey and Illinois struggle with budget shortfalls and unfunded liabilities, resorting to tax increases to fund pensions.

What specific financial challenges did New Jersey face regarding its pension contributions?

What measures did Illinois take to address its unfunded pension liabilities?