Fourth, these funds have lay boards of trustees lacking training in investment matters.

FORBES: Public Pension Shortfalls and Consultant Conflicts (September 1, 2002 )

Ironically, the lead plaintiffs in that action are the Boards of Trustees of three funds in the City of Lake Worth.

FORBES: Questions Surround Merrill's Pitiful Proposed $8.5M Class Action Settlement with 70 Florida Public Pensions

Across the nation, state, county and municipal employee pension funds are governed by boards of trustees, the majority of the members of which consist of current and former government employees.

FORBES: City Garbage Collectors Become Sophisticated Hedge Fund Investors