The start to 2020 has been nothing short of UGLY for pension America. A generic asset allocation produced a -4.93% return for the first two months (2/29/20) while Ryan ALM’s liability index was up 12.01% for the same time frame. The nearly 17% underperformance of assets to liabilities is crushing the funded status of all plans that haven’t taken the steps to manage assets versus plan liabilities, which would include most of the multiemployer and public pension systems. These plans, in many cases, are already on life-support. When will a new course be chosen? Plan participants throughout America are counting on all of us to protect the promises that have been made. Doing the same old, same old has failed miserably. The time to act is now before these critically important plans are no longer viable.