This shift towards living and dying by the stock market might play out over time, but is a bigger gamble without much payoff for plans that are less than 50% funded, said Tom Kozlik, a municipal analyst at HilltopSecurities. “Even if there’s a year of, say, a 10% return, if your plan is only 20% funded that means you hardly have any assets in the plan and that return doesn’t mean as much or help,” he said. “That’s not going to get you anywhere close to where you would be if you were much more well funded.”

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