Don't know any state or federal workers? Traditional pensions are still offered by about 84% of state and local governments. That's cops, teachers, etc.
FYI - California teachers do not pay into SocialSecurity. Their pension is 100% on the backs of the tax payers of CA. Market performance is irrelevant as their pensions are paid regardless of performance.
Market performance is only irrelevant as far as the amount the retirees see on their checks -- it's relevant to CA taxpayers because the money has to come from somewhere if the market underperforms.
Yes, that was my point. The market investments are not what is driving the pension's long term value. The underwriting by the state is what makes it valuable. The markets are simply an avenue for growth, or as was the case in the past, losses...
Which is one of the reasons that pensions fell out of favor for employment in the private sector. They were traditionally very oriented towards long-term (a decade or more) employment with a single company. With typical employment in a lot of sectors--certainly including tech--a large majority of workers would basically end up getting little or nothing out of a traditional pension.