Pensions would work a lot better if they were independently managed and firewalled from the employer. A family member has a state pension in one of the states

Pensions would work a lot better if they were independently managed and firewalled from the employer. A family member has a state pension in one of the states known for having some of the worst of these problems. However, their corner of state employment was smart and set up an independent pension management situation. It remains fully funded and not at risk. Well, except that the state keeps trying to break down the firewall and raid it. However, people who instantiated it did a good job of guarding against this. Pensions aren't "evil". And who wouldn't mind worrying less about making retirement decisions as an amateur investor on one's own, and focusing more on doing a good job and raising a family and having a happy life? What is "evil", is structuring them without defense against expropriation of funding for other purposes. As far as I'm concern, that is "theft", plain and simple. And failing to fund them per established schedule is breach of contract. You are essentially not paying employees for work done. Maybe given that, well defined in law and practice, organizations also wouldn't make unrealistic pension commitments in lieu of providing better immediate compensation and benefits. In addition to all the rest, there is the aspect of the turn to 401K's and similar vehicles, that money managers saw and pushed an opportunity to grow the fees they collect. I held off from writing it a couple of paragraphs ago, but I'll say it now. Pensions aren't a fundamental problem. Banksters and their political enablers are.