Where do you guys that are desperate for a DB plan, think pension funds are invested? In the stock and bond markets.

Anyone who thinks their pensions are immune to stock market fluctuations are incorrect. The only differences are that a manager charges exorbitant rates to manage pension fund money, and it can be taken from you. I'd much rather manage on my own or with an RIA(look it up), and not worry about the lawyers taking it in BK!