A number of public pensions are finding benefit in taking the long view on their investments, trading risk-heavy active strategies for buy-and-hold schemes with consistent records. This path has not exactly been in vogue for the past few decades, but it appears to be catching on among a few fund sponsors.

“Typically, when a pension fund dismisses an investment manager, it moves the money to another active manager,” said Illinois State Board of Investment Chairman Marc Levine, Bloomberg reported. “Unfortunately, the new manager performs no better and frequently worse than the one who was fired. The Illinois State Board of Investment avoids that fool’s errand; we have replaced our terminated managers with more than $8 billion of index funds.”

The Nevada Public Employees’ Retirement System’s funds are all in low-cost, index-like funds—a strategy uncommon enough to warrant a Wall Street Journal article, but one that outperformed CalPERS over one-, three-, five- and 10-year periods.

Other funds may be reluctant to take this route because a reduction in riskier funds like equities could lower returns in the short term, and increase the amount that state governments must pay to make up the difference, according to Reuters. But with low funded levels across the board, it may be time for some reevaluation.