This is what we're up against:

"As an alternative, the state should raise its recently reduced investment forecast from 7.5% to 7.75%, lower how long it expects retirees to live and extend the schedule for paying off the pension shortfall to 30 years, said Robert Walsh of the NEA Rhode Island teachers union. The state should also slap a surtax on contractors, said James Parisi of the American Federation of Teachers."

Like trying to paddle upstream with a spatula!

"assuming too much risk by having to enroll in 401(k)-style programs."

I hate hearing this. The RISK of a 401k is that the employee won't make use of it. If you're being forced to, it's a very safe long-term retirement savings plan.

Yes, if you only put away 1/4 what you actually needed to retire and the market tanks and eats a third of your already-inadequate savings, that's bad, but 75% of the problem is your own damned fault.

Even people who were 100% in growth stocks, like myself, have broken-even on the 2008 collapse already. If I was supposed to retire in 2009, I wouldn't be in Growth, and I also would be retiring now instead, no big deal.