No, the benefit of DB plans over target date retirement funds is obvious and undeniable. A DB fund offers participants a guaranteed benefit with the additional

No, the benefit of DB plans over target date retirement funds is obvious and undeniable. A DB fund offers participants a guaranteed benefit with the additional risk of taking a haircut in bankruptcy. A target date index fund offers no such guarantee whatsoever. Further, a pension can provide equivalent benefits of individual retirement accounts much cheaper. Who will pay fewer basis points for the target date fund, you or a billion dollar pension? What happens to the proportion of workers who buy the target date fund (even narrowing ourselves to the ones who contribute appropriately and so on) who effectively outlive their money? Kicked to the curb?