Going from a pension to a 401(k) has worked SO well in the private sector.

My company scrapped it's pension plan in 1989. I had 8 years in by then so I was vested. I'll get a small amount at 65, but the 401(k) plan in its place is no security blanket; caught in the whim of the stock markets. The company match was company stock, and that value sure hasn't kept up with the cost of living.

What I have a real problem with is retroactive changes. Promise people that they would have a certain amount for their retirement so they plan on it, and then pull the rug out and say so sorry? That's a load of... well, you know.