I was shocked comparing my wife's 401K to my

[Live and Learn]

123. Only in poorly run programs.

My pension plan does not have any shortfalls and has an excellent record.

Not everyone is living longer anymore. In fact, women have lost gains in that area recently. It is basically only the well off that are still making gains. And since the majority of people in this country have gotten quite a bit poorer in the last decades I suspect a further loss in those gains will be realized.

Now, back to your first question. Promises made should be promises kept. We have already seen the promises reneged upon by private companies and it should not be tolerated. Those making the promises are also the ones that pick the investors. If you pick a poorly run plan then you should pay the consequences.

As for saving and investing yourself, fine it you are good at it. But, the majority of people are not. I think you will find that life has a way of getting in the way of your attempt to save and invest. Even if you do manage to do well, do you really want the majority of seniors living in abject poverty. Quit focusing solely on yourself.

This entire right wing mantra about not having to contribute to someone else's well being is based upon selfishness and greed and will bring the country to its knees if allowed to continue.
The collective well being translates in to individual well being.