And fundamentally it must be risky. You are engaging in a deal to be paid a sum of money 30 years down the road, there’s 30 years of mandatory uncertainty and r

And fundamentally it must be risky. You are engaging in a deal to be paid a sum of money 30 years down the road, there’s 30 years of mandatory uncertainty and risk involved with that deal. With defined contribution plans at least the worker observes that risk directly (401k goes up or down) but you can’t, no matter what you do, make it not risky.