[LorenPechtel]

Yup, this is the real problem. What he's talking about isn't the real problem. The real problem is we have gone to a "model" of fund less, pretend we can make it up by increasing risk. And rather than face a big problem it gets swept under the rug until it can't be any more.

We also have the problem that paying pensions becomes somebody else's problem. Thus in contract negotiations pushing benefits into pensions rather than current wages becomes attractive. You can agree to more without breaking the current budget.

The old rules worked better because limiting what pension funds could be in also limited the shenanigans that were possible.