[missedthecue]

The investment fees on a 401k are very low. My index funds are at 0.03% right now. Fancier bond or emerging market funds are even then only at 0.40%

But look at Calpers. They have $500 billion in management and an annual budget of $2.5 billion. That's a huge amount just to run the damn thing.

And then they go and invest in private equity, hedge funds, and VC funds, all charging their variation of 2/20 on top of everything.

401ks and pensions are ultimately invested in the same thing. The equity and debt of businesses. But 401ks have much lower fees.