> We 401(k) holders are the world’s ideal source of capital. ... alone and devoid of leverage to negotiate. It's really best if leverage goes all the way throu

> We 401(k) holders are the world’s ideal source of capital. ... alone and devoid of leverage to negotiate. It's really best if leverage goes all the way through from me to the end, though. With a 401(k), if a fund is being managed poorly, I can "fire" the manager by selling it and buying another fund in the plan. (And at next job change, I can roll over to a new 401(k) plan or an IRA.) If my pension is being managed poorly, as far as I know, I'm just out of luck. I have a pension from an old job, and to my knowledge, I cannot touch it until I'm 65. Of course there is no choice of pension "funds" to switch between within the plan like mutual funds in a 401(k). Even though I've changed jobs, I can't roll it over to anything. So as far as I can tell, the pension trustees (managers) may have leverage over whatever they invest in, but I have no useful leverage over the pension trustees. And it's not like pensions are never mismanaged. For example, in recent years there has been a scandal where the Dallas Police and Fire Pension System (DPFP) had a high guaranteed payout that their investment returns couldn't match, and instead of trying to fix it properly (whatever that means), they just kept it a secret and went wild with risky investments. See https://interactives.dallasnews.com/2017/dallas-police-fire-pension-fund-explainer/ https://interactives.dallasnews.com/2017/dallas-police-fire-... . Thankfully my own pension is better managed. At least, I assume so, but it's hard to research since it's a private fund thing.