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Hello friends. Pensions can work, we have the strongest public pension system in the U.S. right here in Wisconsin where CMD is based because we have made a lot of smart rules, such as paying out less to retirees in bad times. The problem is that the private sector does not have such a low cost and well-managed option and we progressives need to fight to create it. The financial crisis has proven the the 401 K system has failed even the basic test of what a pension system should be, we need new models that work for all -- this was the topic of a great New York Times piece this weekend called "Should the 401(k) Be Reformed or Replaced?" by Stephen Greenhouse -- http://www.nytimes.com/2012/09/12/business/retirementspecial/should-the-401-k-be-reformed-or-replaced.html?_r=1&ref=stevengreenhouse