Does Public Pension Board Composition Impact Returns?

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The brief’s key findings are:

  • Oversight of state and local pension funds is vitally important to government officials, plan participants, and taxpayers.
  • The effectiveness of pension boards depends on their structure, composition, size, and member tenure.
  • Based on best practices for each factor, this analysis constructs a “Board Effectiveness Index” for 145 pension funds.
  • The results show that a higher Index score is associated with a higher 10-year investment return on fund assets.

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