[lmm]

It would imply that prospective workers don't put a lot of value on private companies' pension plans when weighing employment offers, which in my experience is true (employees do perhaps value governmental workers' pensions, because the government is the kind of stable organisation that can make multi-decade commitments). There's also a level of governmental support (high-profile bailouts and the like) of private pensions that lends credibility to pensions, whereas governments seem if anything anti-tenure.