Study: High fees don't bring state pension funds better performance

U.S. state pension funds that pay money managers the highest fees are among plans that receive the worst return on investment, according to a study by the Maryland Tax Education Foundation and the Maryland Public Policy Institute. "There is simply no correlation between high money-management fees and high investment returns," co-author John Walters said. "Retired state employees and taxpayers across the country are not getting their money's worth."

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