By Daniel Gilbert, includes “… Q: If city officials invested pension funds poorly, why do taxpayers have to make up for it? … Q: Why doesn’t SCERS just invest in low-cost index funds instead of employing active fund managers? … Q: How much does SCERS spend on investment fees? … Q: Are the city’s pension costs bigger than they appear? Researchers like Josh Rauh, a senior fellow at Stanford University’s Hoover Institution, have argued that public pensions effectively hide debt by assuming they’ll achieve a high investment return. …”