Investing novices call the shots on $4 trillion at public pensions
Public-employee plans are underfunded, chasing higher returns and underperforming international peers overseen by professionals.
Canada selects directors to oversee its public pension funds for their financial expertise and pays some six-figure salaries. In the Netherlands, board members must obtain approval from the central bank.
In the U.S., a lineup of unpaid union-backed reps, retirees and political appointees are the
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