Includes “… Pension plans benefit from the ability to diversify investments because of their huge size and the liquidity they achieve from current employees paying into the plan — meaning they don’t have to constantly sell investments to pay retirees and so can invest for the longer term. When new employees are shunted out of the pension fund and into individual plans, as Bevin proposes, that liquidity dries up, so the funds must invest more conservatively to assure they will always have cash on hand to pay benefits.”