"The private pension system in the US is in transition from defined benefit plans to defined contribution plans. On balance, this may be a step in the wrong direction.... The weakness that has generated the most attention is that employees have not been saving enough in their 401Ks to assure a comfortable retirement.... The post-retirement weaknesses in 401K-based plans have not generated nearly as much attention. Perhaps the most critical is the problem of managing mortality risk."  MORE >>