US pension investors faced uncertainty after economic downturns in the early 2000s and 2007-2009. To manage risks, they considered using Tactical Asset Allocation (TAA) strategies, which involve adjusting investments based on market conditions. TAA can improve portfolio performance, but it requires skilled decision-making. A study using historical data found that giving investment managers some flexibility in asset allocation decisions can help pension plans during market downturns. However, it's important to consider the manager's ability to add value through TAA decisions when giving them more freedom in managing investments.