According to some Harvard University alumni– who have criticized the school’s endowment fund for underperforming the S&P 500 over the last decade—the school should use the savings it gets by moving half of its endowment fund to index funds to cover the cost of a new tax to be faced by some of the country’s wealthiest schools. This according to a recent article in Bloomberg.

The suggestion by members of Harvard’s class of 1969 reads as follows: “Our proposal reflects Warren Buffett’s widely publicized argument that wealthy individuals and institutions would have been much better advised, beginning in 2008, to have put their money in the S&P 500 index than to entrust it to hedge fund managers.”

According to the article, the university estimates that the new 1.4 percent tax “would have cost the endowment $43 million last year.” The alumni proposal is intended, “to enable the university to avoid such cuts, while putting the whole management of the endowment on a new basis that  would better reflect the values of a great university.”