"While consolidation [of multiple small local public-employee plans] would most probably be a good thing, it is not something that can be forced by the US Congress, due to states' rights under the Constitution. It will be up to the various state legislatures to accomplish this.... But what is in the best interests of plan sponsors, workers and taxpayers? Here, there is no doubt ... that larger, more transparent and more accountable defined-benefit plans are much better than having hundreds of smaller, dispersed plans all over the place, many of which are badly managed and chronically underfunded."

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