Low-cost index funds would be much cheaper but administrators of pensions and endowments have other ideas. : Public pension funds are among the largest concentration of financial assets in the United States. They cover 26 million active- and retired government employees, and in the second quarter of 2019 comprised more than $4.5 trillion in assets (increasing in 2020 to more than $5 trillion). These funds provide the retirement benefits of municipal, county, state and federal government employees including police, firefighters, teachers, maintenance workers and many others.