Recession and Market Decline Impacts on Public Pension Plans – Recent volatility in the stock market should not have a large impact on the financial strength of public pension plans over the long term, according to a June 2020 report by the National Association of State Retirement Administrators (NASRA). While global equity markets dropped in late March, they had recovered much of their losses by early June, the report found. NASRA also said investment returns would likely recover sooner than they did during the two previous financial crises in 2000-02 and 2007-09.