http://www.nytimes.com/2005/01/27/business/worldbusiness/27pension.html?ei=5
094&en=82af08c4c479186f&hp=&ex=1106888400&partner=homepage&pagewanted=print&
position=

And another, although they privatized instead.

http://www.ble.org/pr/newsletter/story11.html

carabelli

Excerpt:
"Colleagues and friends with the same pay grade who stayed in the old system,
people who work right alongside me," he said, "are retiring with pensions of
almost $700 a month - good until they die. I have a salary that allows me to
live with dignity, and all of a sudden I am going to be plunged into poverty,
all because I made the mistake of believing the promises they made to us back in
1981."

    You don't have to go to Chile for such examples, just look at private
pension plans right here in the good 'ole US of A!  Private plans are being
"privatized" right and left.  By that, I mean the traditional pension systems
that guarantee a certain amount of money for life are quickly being converted to
individual "401K" type accounts.  The fancy term for the old plan is "defined
benefit" and the new deal is "defined contribution".  Several years ago, before
the stock market reversals of the Bush-era, my employer offered all of us "the
deal".  Many of my fellow employees were dazzled by the $ 6-digit offerings and
took the money.  I did about 60 minutes of research and respectfully declined
when I figured out how much my pension was really worth.  There is nobody,
NOBODY! who took "the deal" and does not regret it today.

Vaughn