"To read the headlines today gives the appearance there's a consensus among retirement policy pundits that 'things would be better if only we had our old pensions back.' Despite these rosy memories, actual history shows, with a few notable exceptions, pensions were never as universal or as lucrative as imagined.... In theory, the traditional corporate pension plan remains as originally advertised. Unfortunately, in practice, today's work environment just can't meet the assumptions of that theory."

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