So, why not put the money into the S&P 500 and be done with it?
That's probably the most sensible way to handle such large sums of OPM, but I'm sure pension managers can't help but get "cute" with it. They'll move assets around to diversify, or maybe try to time the market to avoid big down years, or maybe even try to chase returns...investing in "green energy" and other trendy positions.