The government's own forecasts, which take likely interruptions into account by assuming continuous saving from age 30, suggest that the new accounts will give median earners a pension worth around 45% of their pay before retirement.

ECONOMIST: Pension prospects

The states have promised big pension and retirement benefits to their employees without putting aside money to pay for them.

NPR: Study: States Must Fill $1 Trillion Pension Gap

With a defined benefit plan, the employer put money aside for you in a safe place and, based on your pay and years of service, you were entitled to a pension upon retirement.

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