I never understood why these big pension funds don't just buy an S&P index, a bond index, and a little gold on a regular, cost averaged basis basis. Allocate it, say, 60% stocks, 30% bonds, and 10% gold.
That way you'd avoid a management fee, take advantage of the long term rewards of stocks, and have a nice hedge.
That's what I would do, anyway, with a big pension fund.
60% stocks is too high for a working pension fund, IMHO. I think the pension managers got caught up in the "artificial exuberance" of the late 1990's, and it came back to bite them (and the taxpayers). What's apparent to them now is that it "isn't different" this time.