Pensions at Risk?

We academics are most fortunate to have a pension system, TIAA-CREF:

http://www.tiaa-cref.com/

which is superbly managed, charges no fees, allows its beneficiaries considerable options along the way to direct their investments, and which will not default, baring total national/global economic disaster. Such is apparently not the case per this NY Times editorial for far too many Americans whose pension contributions are being gobbled up and jeopardized by greedy/incompetent pension advisors:

TODAY'S EDITORIALS
The Imperfect Storm
Rather than a perfect storm, United Airlines' pension
debacle may be the tip of an iceberg.

http://www.nytimes.com/2005/08/03/opinion/03wed1.html?th&emc=th

TIAA is open to more than just academics -- both of my daughters by pure chance (a brief college job and an internship with NASA) gained membership and may continue contributing or redirecting other pension monies to it for life.

How sad it is to imagine so many Americans -- 44 million per this NY Times editorial -- are at risk of finding their pensions either non-existent or radically depleted precisely when they need them most.
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"A war is just if there is no alternative, and the resort
to arms is legitimate if they represent your last hope." (Livy)
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Ed Kent 718-951-5324 (voice mail only) [blind copies]
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