"The Report of the State Budget Crisis Task Force ... correctly identified state and local governments' failure to keep up with required contributions in recent years as a primary cause of the current dilemma.... [T]he vast majority of public pension plans are solidly funded and are experiencing a robust recovery from the Great Recession. Three-, five-, 10- and 20-year investment returns are all on the rise - and long-term returns are far more indicative of a plan's health than short-term fluctuations.... Unfortunately, the real American retirement crisis was beyond the Task Force's portfolio - and it needs to take center stage in our national policy debate. The primary retirement savings vehicles for private-sector workers - defined contribution plans - are underfunded by over $8 trillion ... That means grave uncertainty for the futures of most 401(k) owners."  MORE >>