The investment consulting firm overseeing the pension was found to be subject to conflicts of interest as a result of earning millions in undisclosed fees from the investment managers it recommended to the pension.
Apparently the fact that the SEC had investigated the pension consulting industry and found conflicts pervasive and disclosure practices wanting was not sufficient.
The researchers found that the stodgy pension funds, which tend to invest pretty heavily in bonds, lagged behind the benchmark by about a percentage point.