There's a lot of research out there, especially regarding retirement, pensions, and investment management. And it seems everyone conducts and publishes it in some form - books, briefs, multi-page reports.

Research is about guiding action, gathering evidence for theories, and contributing to knowledge. And it is important.

Research is essential for making practical decisions. As public pension fund administrators and trustees, research helps you acquire industry knowledge. By applying preexisting knowledge to real-world issues, research also allows you to gain a broader understanding of issues.

Moreover, the studies you access provide the latest information on the various public pension and investment sectors. Accessing industry reports can also help you build credibility by expanding your thoughts and views while presenting them to others, such as during a fund's board meetings.

There has been a lot of research lately on defined benefit pension plans and the retirement industry. Not all of it is useful. A study's application and purpose must be objective, focused, and organized.

We've listed some of this year's most helpful research, starting with our asset allocation and investment performance report of TEXPERS' System Members.

Here are 13 research papers you should be aware of in 2022

	Report on the Asset Allocation and Investment Performance of Texas Public Employee Retirement Systems (TEXPERS, 2022) Texas Association of Public Employee Retirement Systems | April 2022 | 21 Pages Every year, TEXPERs surveys members for information on their returns and holdings. In the 2022 report, 40 participating members contributed data for the fiscal year 2021 Asset Allocation and Investment Performance of Texas Public Employee Retirement Systems and represented approximately $26.69 billion in total assets. Download
	Public Pensions Contend with Falling Markets and Rising Inflation (Center for Retirement Research, 2022) Center for Retirement Research at Boston College | August 2022 | Brief | 11 Pages With significant investment losses and rising outlays due to inflation, the brief updates the status of state and local plans as of 2021 and uses what is known about 2022 to estimate their current funding status. Download
	Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Small Towns and Rural America (NIRS, 2022) National Institute on Retirement Security | July 2022 | Paper | 250 Pages Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Small Towns and Rural America illustrates the impact of benefit dollars from public pension plans according to several different measures: as a percentage of GDP by county; as a percentage of total personal income by county; and by categorizing counties as metropolitan, small town (micropolitan), or rural. Download
	Will Survivors of the First Year of the COVID-19 Pandemic Have Lower Mortality? (Center for Retirement Research, 2022) Center for Retirement Research at Boston College | August 2022 | Paper | 29 Pages With the help of data from the 2019 American Community Survey, 2018 Health and Retirement Study, and 2020 National Vital Statistics System, this paper estimates how much the overall mortality rate will be lower for people who lived through the acute phase of the early pandemic. Download
	Public Pension Portfolios in a World of Low Rates and Low Risk Premiums (Investments & Wealth Institute, 2022) Investments & Wealth Institute | June 2022 | Journal Reprint | 17 Pages In this study, the authors examine capital market assumptions regarding lower returns to growth-sensitive assets over the next decade to determine the impact on pension plans. Download
	The Missing Middle: How Tax Incentives for Retirement Savings Leave Middle-Class Families Behind (NIRS, 2022) National Institute on Retirement Security | May 2022 | Paper | 28 Pages This report documents how current tax incentives fail to promote adequate retirement security for the middle class. It considers the impact of factors, including marginal tax rates, retirement plan participation, and income distribution on retirement saving levels. Download
	Legacy Debt in U.S. Public Pensions: A New Approach (Center for Retirement Research, 2022) Center for Retirement Research at Boston College | June 2022 | Brief | 7 Pages This brief takes a historical view of public pension underfunding to motivate a more transparent funding policy, building on a critical finding that some pension funds are still burdened by unfunded liabilities accumulated before modern actuarial funding. Download
	Can We Predict Boomers' Drawdown Behavior From Earlier Cohorts? (Center for Retirement Research, 2022) Center for Retirement Research at Boston College | May 2022 | Brief | 9 Pages Studies show that retirees have tended to draw down their financial wealth very slowly, but these retirees generally had defined benefit pension plans, which pay benefits for life. Is the pattern true for new retirees with 401(k)s? Based on a recent study, this project uses data from the restricted Health and Retirement Study to examine the extent to which the slow drawdown of past generations was associated with substantial access to a DB pension. Download
	Forensic Analysis of Pension Funding: A Tool for Policymakers (Center for Retirement Research 2022) Center for Retirement Research at Boston College | April 2022 | Brief | 7 Pages State and local policymakers face a growing pension cost burden but often lack an understanding of the root causes. One underappreciated cause is "legacy debt," or unfunded liabilities accumulated long ago before plans adopted modern funding practices. What can a sampling of pension funds with particularly low funded ratios tell us? Download
	2021 NCPERS Public Retirement Systems Study (NCPERS, 2022) National Conference on Public Employee Retirement Systems | February 2022 | Paper | 40 Pages A review of funds' fiscal status and steps to ensure fiscal and operational integrity is presented in this study. From September to December 2021, the National Conference on Public Employee Retirement Systems of the U.S. undertook a comprehensive study exploring the retirement practices of the public sector. The 2021 NCPERS Public Retirement Systems Study includes responses from 156 state and local government pension funds with more than 17.7 million active and retired members and assets exceeding $2.6 trillion. The study roughly represents statewide and local pension funds (47% and 53%, respectively). Download
	A Better Bang for the Buck 3.0 (NIRS, 2022) National Institute on Retirement Security | January 2022 | Paper | 31 Pages This analysis finds that defined benefit (DB) pension plans offer substantial cost advantages over 401(k)-style defined contribution (DC) accounts. A typical pension has a 49% cost advantage as compared to a typical DC account, with the cost advantages stemming from longevity risk pooling, higher investment returns, and optimally balanced investment portfolios. Download
	Enhancing Sustainability of Public Pensions (NCPERS, 2022) National Conference on Public Employee Retirement Systems | January 2022 | Paper | 92 Pages How sustainable are public pensions, given that most currently have unfunded liabilities? This paper details that public pensions can be fiscally sustainable with moderate fiscal adjustments. Download
	U.S. Defined Benefit Pension Trends (JP Morgan AM, 2022) JP Morgan - Asset Management | March 2022 | Chartbook | 86 Pages This comprehensive report from JP Morgan Asset Management details U.S. defined benefit funded statuses, asset surplus returns, asset allocations, pension regulations, and pensions risk transfers. Download
Bonus Document This report is from 2021, but it offers great insight into retirement worth adding to your research collection.
	Retirement Industry in America: Time to Rethink and Retool (PwC, 2021) PricewaterhouseCoopers | February 2021 | Chartbook | 25 Pages This report is based on research conducted by the PwC Market Research Center. It's part of a series of thought leadership pieces that explore the intensifying pressures surrounding the U.S. retirement industry and the convergence between investment management, insurance, and banking to address the changing needs of retirement participants. Download
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About the Author: Allen Jones is director of communications and event marketing for TEXPERS. 

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