By contrast, the Butler County Employees' Retirement Plan, which fired private managers in 2009-10 and replaced them mostly with 13 different Vanguard Group index funds reported returns totalling just 13.9 percent for the year. (The other two funds in the Butler portfolio are managed by a New York investment firm called Twin Capital, founded by an ex-Pennsylvanian, Muhlenberg College grad turned Wall Street trader David J. Simon. Twin Valley returns for 2017 trailed the S&P 500 and the Vanguard index funds, though it still beat bonds and other indexed investments and Butler's overall return.)