Free Trade Doesn't Work: What Should Replace It and Why,
The fact that defined contribution plans require no PBGC-like entity is one of their greatest strengths. It's inherently flawed and demonstrably failed policy to guarantee a benefit that disregards the value of the underlying plan assets used to pay that benefit. It's an attempt to erase the beneficiary's risk from investments by simply guaranteeing that it will provide a specified return even though that can't actually be guaranteed. And so what happens is the benefit is guaranteed by creating new liabilities and imposing them on non-beneficiaries.
"The knowledge and prudence of the poor themselves, are absolutely the only means by which any general and permanent improvement in their condition can be effected." - Thomas Malthus