Slander and insult is the last refuge of a crumbling position.
The risk profile with a DC plan is basically linear... you ride the market.
The risk profile with a DB plan is nonlinear. Under most normal circumstances, you are fine, but if there is an extreme market upset (see 2008 or 1929), then you bet plenty of public and private pensions are not going to be worth all that much.
And yep, my thoughts are influenced by my family's experience with Enron.
I remember you saying your fund can opt to slash benefits in extreme circumstances, which to me makes your fund sound more like a DC fund anyways, even if outwardly structured and managed like a DB plan until something would go wrong.
And that is probably my ultimate thoughts towards this -- not that they are so different, but that they have become more and more similar over the past few decades and, no matter how clever you try to be, they are both constrained by returns. Somebody else even brought up some DB plans are starting to offer benefits or lump sum payments to survivors and heirs...
...just like a DC plan. The lines between them are blurring.
Given those issues, I do not think we are too far apart really.
I would be pleasantly surprised if we receive anything from it (31 me/29 spouse).
There is a huge difference between public and private funds. You are correct businesses like Enron and others screwed over the workers on their retirement. But that is a totally different than a public workers retirement like the Post office or IPERS.
Maybe less reward, but also a hell of a lot less risk. Like I said before, I don't know any person drawing IPERS retirement or the couple from the post office complaining about leaving money on the table. Many at 62 are making more drawing IPERS and SS than when they were working.