US. Public pensions are paying higher fees for lower returns, Pew study finds
Public pension plans are spending more than $2 billion a year in fees on high-cost, risky investments to boost returns. But those bets haven't been paying off, according a report Wednesday from the Pew Charitable Trusts. The higher cost comes as public pension fund managers try to make up for a steep shortfall brought by years of underfunding and lackluster investment returns. As of fiscal 2016, the latest data available, state pension funds tracked by Pew had a combined $1.4 trillion...