I think they're painting the picture that these pensions are less sophisticated than they really are. These people are usually prior investors with stories careers themselves, not "police officers and fire fighters"[1].

They're also much more transparent than this video paints them to be. Here's where they report all of their returns[2].

[1] https://www.oregon.gov/treasury/invested-for-oregon/pages/or...

[2] https://www.oregon.gov/treasury/invested-for-oregon/pages/pe...