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

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.