The US is facing a retirement crisis. Defined benefit plans have been under assault for decades and the pressure to reduce costs and soften the impact of market volatility from public company balance sheets and income statements has nearly eliminated traditional pensions. Public pensions, on the other hand, have generally continued to provide a reasonable retirement for their covered workers. These programs, faced with low return expectations over the coming years, need reduced costs, greater operational efficiency and better access to top tier diversifying strategies. Having sufficient scale may help realize those objectives.