This Small-Town Pension Fund Has a Warning for Millions of Retirement Savers

1. A pension fund struggles with low returns and lack of liquidity. 2. Investments in private funds may not provide superior returns as expected. 3. The gated fund limits redemptions, causing frustration among investors. 4. High fees on private funds contrast sharply with lower public fund expenses. 5. Small investors face unique challenges compared to large institutional investors.