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“Hundreds of billions of dollars have been poured into wildly expensive hedge funds with little understanding and abysmal results. That has proved to be a colossal mistake — one that some states have been trying to rectify in the last few years.”

Author Marc Levine is chairman of the Illinois State Board of Investment. He was co-founder of Chicago Asset Funding LLC.

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DB plan proponents complain that their reciepents aren’t sophisticated enough to manage their own accounts, guess this blows that logic away. Ok, so cancel all plans and move their money to D.C. Plan.