Want secure pensions? Get tough on big banks

Much discussion about the condition of our state pension systems has been taking place this legislative session. A number of bills have been proposed to alleviate the shortfalls and make the systems solvent. Most of that debate has centered on the merits of two styles of retirement plans: defined benefit and defined contribution. I contend that the debate is not broad enough.

John Musgrove

Gary Buchanan recently wrote an op-ed piece about state pensions. He noted that our state pension systems were actuarially sound by the end of the 1990s.

The recession of 2001 changed all that. According to...