Imagine you are Nicole Hackett and you have just taken over as CIO of the Cook County in early 2008. The pension was already underfunded (27% unfunded liability, with assets only able to pay only 75% of the promised benefit payouts to current employees and retirees) when you joined. The Global Financial Crisis hits just a few months later, leading to a sever worsening of your funding status. A decade later the situation has somewhat stabilized but the plan is still underfunded by over 40%.

What do you do? What should your objective be?