[soperj]

You could easily set up a state(or federally) run pension company that companies would contribute to. That way they couldn't be underfunded either, and there'd be some oversight. They do it for public service workers in Canada.

[Gibbon1]

The US Federal government has a pension plan for government employees in lieu of Social Security. None of this is any sort of Financial Wizardry. Mostly depends on demographics and demographics seldom surprises.

[jki275]

The US Federal government FERS plan is not in lieu of Social Security, it is a supplement to it. It's relatively small, about 1% of high 3 year salary average per year of service.

[Gibbon1]

Since my dad joined the federal government before Reagan he got 2%

[jki275]

CSRS was a very different pension plan, and those under CSRS did not contribute to nor draw social security. CSRS was phased out in the 80's, I don't recall exactly the year. All new federal employees since then contribute to social security and are under the FERS system.