Only Social Security (the public pension scheme) would remain on its present trajectory.

只有社会保障制度（公众退休金计划）得以正常运行。

A shrinking labor force could also affect Germany's public pension system.

劳动力萎缩也可能会影响德国的公共养老金体系。

Many of Japan's public pension plans do not have enough money to make payments.

多数日本公共养老金计划没有充足资金来发放养老金。

The population will get much older in the coming decades, but the public pension scheme is still in its infancy.

接下来的几十年，人口逐渐老龄化，而中国公共养老金计划尚处在起步阶段。

The big losers of 2022, though, are public pensions.

不过，2022 年的最大输家是公共养老金。

A class of moneymen who once only managed funds for buccaneering, rich families now count the world's largest public pension funds and endowments as clients.

曾经为喜欢投机的富翁家族理财的金融家，现今已让世界上最大的公共养老金，基金会成为其客户。

But it is becoming a scary possibility in American states like Kentucky, Illinois, Connecticut and New Jersey, where public pensions are around just half-funded.

但在肯塔基州、伊利诺伊州、康涅狄格州和新泽西州等美国各州，这正成为一种可怕的可能性，这些州的公共养老金资金只有一半左右。

And it gives Puerto Rico the ability to restructure its debt, safeguard essential services, and provide important protections to public pensions that more than 300.000 folks rely on to retire with dignity.

它使波多黎各具备重组债务、保障必须的服务、和提供保护公共退休金的能力。这些退休金是300，000人退休后体面地生活的依托。

In 2021 Maine, a blue state, got the ball rolling with legislation prohibiting its public pension fund from investing in big fossil-fuel producers, and set out a timetable for divestment.

2021 年， 蓝州缅因州开始立法禁止其公共养老基金投资于大型化石燃料生产商，并制定了撤资时间表。

Given the supervisory role many statehouses hold over public pension funds, many of which have hundreds of billions of dollars in assets, this sort of legislation could have big implications for the asset-management industry.

鉴于许多州议会对公共养老基金（其中许多拥有数千亿美元的资产）的监管作用，此类立法可能对资产管理行业产生重大影响。