More traditional pension investments are in things like buying timber land that is maturing, or bonds backed by mortgages. Today's bond market idk, treasuries you are losing money to inflation, even corporate bonds are probably just breaking even with real inflation.

But yes, all the stocks and bonds are risky because Wall Street is an out of control monster with no real check on their fuckery.

I would add it's hard to feel too sorry for these pension funds when they invest in private equity and the like. They need radically new leadership at these funds.