I tend to think it has just gone into retirement income for private sector. For example a typical teacher may have a pension wort 2 million dollars at age 65, w

I tend to think it has just gone into retirement income for private sector. For example a typical teacher may have a pension wort 2 million dollars at age 65, where a private sector worker would be expected to see that by contributing to their 401k. The value of the pension will vary based on length of life. It would be extremely difficult to contribute enough money to a 401k, since it’s basically a lifetimes earning for someone making 80k a year.