Ah, let us not forget that defined-benefit pension plans have an economic impact of several hundred billion dollars each year and support several million American workers in their jobs; they contribute over a hundred billion dollars to annual local, state, and federal revenue, while reducing government expenditures; they also provide capital to the financial markets, and they deliver the same level of retirement income as an individual 401(k) type savings account at half the cost as a result of their professional asset management and better long-term investment strategies, particularly during challenging economic times.
Let us also not forget that defined-benefit pensions are associated with far fewer American households experiencing food privation, shelter adversity, and health care hardship and provide a bastion of hope and financial stability for millions of people in this country (The National Institute on Retirement Security).
Instead of annihilating the defined-benefit pension plans, they should be advocated by everyone.
P.S. It is also true that state-funded pensions are less expensive for Illinois taxpayers than Social Security and Illinois taxpayers save hundreds of millions of dollars per year by not paying Social Security payroll taxes for 78% of all active employees in the five-State-managed plans.