State Pension Funds Take On More Risk, Higher Fees For Worse Returns

State and locally run retirement systems are increasingly turning to alternative and complex investments to help boost returns but these decisions may not be the best for all stakeholders involved, that’s according to a new report from The Pew Charitable Trusts.

The report, which is the latest in a series of reports from Pew on the topic, uses data from the 73 largest state-sponsored pension funds, which collectively have assets under management of over $2.8 trillion (about 95 percent of all state pension fund investments).

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The use of alternative investment by pension funds varies widely across the industry. The use of alternative investments for the 73 largest public funds...