The idea behind LDI is that the return on pension assets isn't as important as the return relative to the liability . If the S&P 500 goes down by 20%, but your investment manager only goes down by 19%, they would be lauded as heroes - even though the plan now has a large hole to fill.
From: BlackRock (Redefining Portfolio Construction)
Bitcoin for Institutions | Math Academy
Interactive course on Bitcoin for institutional investors