"Underfunded pensions are a huge issue in the United States and pretty much all over the world. It's a slow motion disaster that has been in the making for a long time but it has come to forefront after the 2008 financial crisis.... What is the typical response to the 'pension calamity'? Raise the retirement age, cut benefits and switch new workers to a defined-contribution plan.... [S]witching new workers to DC plans will just exacerbate America's new pension poverty."