Jean-Pierre Aubry

speaker

560 appearances 1 recordings 1 series first heard Jul 2026 last heard 23 Jul

Jean-Pierre Aubry’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Rational Reminder Podcast · The State of Retirement Research | #419 (Jean-Pierre Aubry) · 23 Jul 2026 podcast

But the investment of officers and their teams are definitely on this and trying to figure out, is this really worth it?

And how do we unwind if we want to unwind?

What does the next phase look like?

And also those in the investment community, especially those who have left the space right now so they can speak more freely.

I got a lot of input from those, from individuals who used to be CIO, used to work in investment team, but now about, like, let me tell you what it's really like in these rooms kind of thing.

And so nothing officially from public plans generally, which I wouldn't expect.

I think the crickets is like what I would hope for best.

Because again, I think we've gained enough respect in the community where if we're calling something like this, it's because it deserves looking at.

And they kind of leave it at that.

So for public plans generally, I think it really righted the ship across all facets of public plan administration.

The major ones for us in terms of

creating a more stable system going forward, other than the investment side.

This is the last element.

And this one is arguably the most challenging because it will lead to higher costs, what we think probably over time as they start really internalizing long-term expectations, shifting out of risky assets.

The bottom line here is we thought retirement costed X and actually costed Y, which is bigger.

And that reality takes a while to sink in.

And what's really going to reflect that new cost most painfully is when they start shifting their asset allocation to understand that.

That's been our takeaway of our work since really trying to give public plans kind of the space to start thinking about this shift by continuing the jump beat, while also giving them credit for other things that they've done, which have also been painful and costly, politically costly.

has resulted in lower benefits for public sector employees, higher costs for state and local governments.

I mean, these aren't easy decisions.

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