It's disgusting to me that something like this could even be published in the NYT. Pensions are absurd financial instruments. Paying someone a percentage of their salary in perpetuity is financial nonsense, and creates all kinds of perverse incentives for the recipients. The only reason these things ever got popular in the first place is because they were a way of borrowing from the future to pay the present. Creating a massive latent risk that allows you to get cheap labor in the short term and exposes you to catastrophic failure on the backend. Corporations realized this decades ago and stopped using them.
If the problem is that 401k fees are too high, let's make 401k's more mobile. Let's create a liquid market in 401k managers so that fees get pushed towards zero - as they should be.
If the problem is that 401k fees are too high, let's make 401k's more mobile. Let's create a liquid market in 401k managers so that fees get pushed towards zero - as they should be.