Yes, the returns are set due to actuarial liabilities to repay the pensioners. Only other option is to hugely increase premiums for current workers & most of th

Yes, the returns are set due to actuarial liabilities to repay the pensioners. Only other option is to hugely increase premiums for current workers & most of these funds are already hugely underfunded. As they follow Swensen's endowment approach risk theoretically diminishes as they "diversify".