Staying the Course in Uncertain Times: NCPERS Public Pension Funding Forum

By: Hank Kim, CEO, NCPERS

At the halfway point of the year, one theme continues to rise to the surface in conversations with our members: uncertainty. Markets shift, technologies evolve, and policy landscapes continue to change, but the responsibility the public pension community holds remains constant. We are stewards of retirement security for millions of public servants, and that mission demands both discipline and adaptability.

At NCPERS, we view that responsibility as a partnership. For 85 years, we have worked alongside you by listening to your challenges, learning from your experiences, and evolving our programs and resources to meet your needs. And this year, your priorities are clear.

In our most recent Public Retirement Systems Study, more than 70% of public pension leaders identified sustaining target funding levels as their top concern. That focus is not surprising. Funding discipline is the backbone of long-term stability, and in today’s environment — marked by investment volatility, emerging risks, and growing operational complexity — it’s never been more important to stay informed.

That is why the NCPERS Public Pension Funding Forum, taking place August 17–19 in Chicago, is such a critical moment for our community.

The Forum brings together trustees, administrators, finance professionals, and leading academics to examine the factors shaping public pension fiscal health. This year’s theme, Staying the Course in Uncertain Times, speaks directly to what many of you are experiencing right now.

Even as funding ratios have improved, public pensions are facing complex challenges. Regulatory and policy changes at the state and federal level have led to declines in state revenue streams. Inflation, a looming AI bubble, and geopolitical instability have resulted in ongoing market volatility. These are not isolated challenges; they are interconnected issues that require shared perspectives and data-driven, real-world solutions.

The Funding Forum agenda is designed to go beyond theory. Through research, case studies, and practitioner perspectives, attendees will explore what long-term funding adequacy looks like in practice. What strategies are working across different systems? How are funds adapting to shifting economic conditions? And how can leaders make informed decisions while balancing short-term pressures with long-term goals?

The Funding Forum is also where the next generation of pension leaders begins to take shape. Through initiatives like the Pension Lab: NextGen Competition — developed in collaboration with the University of Chicago — students engage directly with funding challenges and explore innovative, policy-driven solutions. Strengthening our systems isn’t just about solving today’s problems; it’s about preparing tomorrow’s leaders to carry this work forward.

As I reflect on the first half of the year, I am encouraged by the level of engagement across our community. Through five in-person events and multiple virtual programs, more than 2,100 public pension professionals have come together to share knowledge, exchange ideas, and work together to strengthen our retirement systems. The Funding Forum continues that momentum with an opportunity to take a deep dive with one of the most important responsibilities in public pension management.

Looking ahead, we will continue to build on these conversations. Our upcoming fall programs, including the Public Pension HR Summit, NCPERS University, and the Public Safety Conference, will address additional dimensions of leadership and system performance — including workforce management, investment trends, AI strategies, risk management best practices, and more. But for many of you, the immediate priority remains funding, and the Public Pension Funding Forum is designed with that in mind.

The path forward may not always be straightforward. But by staying the course, learning from one another, and grounding our decisions in both data and experience, we can continue to build resilient systems that deliver retirement security.

I look forward to continuing that work with many of you in Chicago next month. Additional details can be found on our website — be sure to register by July 20 to save with the early-bird rate and reserve your spot in the NCPERS room block.