On balance, the nation's public pension funds' continue to tighten operations in the wake of the dramatic investment losses experienced after the financial crisis.

Yet some are still paying unusually high investment management fees, according to the 2015 annual study of public funds from the National Conference on Public Employee Retirement Systems, the largest trade association for public sector pension funds.

NCPERS' annual study took the measure of 179 state and local pension funds with 13.5 million participants and $2 trillion in assets.

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