Thursday, March 03, 2011
I've rattled on before about the illusory nature of public pensions--how a goodly chunk of those dollars (as a first guess, say 30-70 percent) are never going to get paid anyway, for one reason or another. But it occurs to me: what about those glorious defined-benefit private pensions we all harken back to so nostalgically? How many of them unraveled, with or without falling into the clutches of the Pension Benefit Guaranty Corporation? I've never seen a dollar value on this one but wouldn't the correct answer be "most"?