[mch82]

A pension is deferred compensation. It’s money employees have earned that they agree to receive later in life in order to smooth their tax burden over time and benefit from pooled financial management by professional investors.

Pensions have failed because they were mismanaged. They are not “Ponzi schemes”.

[renewiltord]

Ponzi schemes are also just mismanaged funds. They are just the degenerate case of:

> "impractical rate of return” is one element of “mismanaged”