"Right now we have about 26 people," he says. "And that is by far the smallest staff of any pension fund that’s comparable in size in the country. By far."
I kinda don't see why they need 26 to manage the fund. Some equity index funds, some ETFs, a bond fund or two, maybe a REIT or two, and you're done. A couple of my former colleagues and some graduate students at NC State could probably do it.
Link via one of the those former colleagues, Richard Warr. (If you get tired of being a prof and administrative honcho, run for state treasurer, Richard.)