[T]he real estate pension management business faces even greater challenges - the looming demise of traditional defined benefit plans. The whole post-World War II pension model looks as unsustainable as the government's Social Security and Medicare programs. They all worked great when you had many more people who were working than a much smaller group of current beneficiaries. Companies and local governments could keep up by putting aside money and investing it to meet reasonable liabilities But now that the baby boomer generation heads into retirement, the whole pension system slowly becomes overwhelmed and untenable.

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