[aresant]

Really good comment and fair point

But mortality credits (pooling) don't solve the math of the discount rate - they add 100 - 150 basis points of reduction so retarget to 5.5% vs 4% if generous

So they are still structurally designed where they HAVE to allocate towards risk to meet their targets which is at core of issue

[ineptech]

It feels like you're missing the whole point of the whole article, which is that treating public pensions like a bunch of 401ks misses the opportunity to invest all that money in something that benefits the retirees collectively. I'd rather retire on 4% from a bond to improve the school my grandkids go to than 5.5% from a PE firm that intends to "more efficiently manage" the retirement home I live in.