the problem is not the investments...the problem is that they have bargained these insane and IMO sinful amounts of money to people that do not work anymore, if ever IMO...
The last place I worked (private sector) with a defined pension had to deposit it with a third party which will release it as a lump sum or annuity (as I choose) when I turn 65. The nominal stock which I kept with that company in an ESOP plan is now getting close to worth what I paid for it.
It is well past time government employees start rowing in the same canoe as the rest of us and maybe they would start losing the attitude that they are somehow a special breed of cats.