Good article and right now I don't think I trust anyone to handle pension.
Responding to the retirement income crisis, half the states are in various stages of developing plans for employees without workplace plans beyond Social Security.
The common idea of the plans is that employers would deduct 3% of employee pay to be placed in retirement investment accounts. Employers would not contribute. Essentially these would be state government-sponsored Individual Retirement Accounts.
There are a lot of questions to be settled. Who will administer the accounts? Will individuals direct the investments or will professional investors? Will the states act as mere pass throughs, facilitating the collection of employee savings that will then be managed and profited from by the private financial services industry? Or will states attempt to set up true public nonprofit retirement savings options that compete favorably with what the for-profit private sector has to offer?
State-Sponsored Retirement Plans: An "Illusion" To Solve Retirement Income Crisis | Alternet