Interesting perspective. I seem to remember 20-40% loses in privately-managed 401k plans during the waning days of the Bush Administration.What does your personal politics have to do with this? If someone did not go to cash, they would be positive today on those investments. Additionally, nothing would require the retiree to even invest in stock (privately managed or othewise). They could simply buy an immediate annuity/pension from Vanguard or other low cost entity to offset the risk of lack of future funds and the unfunded liability of the teacher pension.What JLC is talking about is a complete and permanent reduction in benefits - not a loss due to poor performance.
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