Timbo did leave a few things out of the retirement issue. He some how forgot the MPP plan, note money, claim money, DC plan going forward, merger stock ect.
He should if he did nothing more then turn it over to financial engines be in a excellent financial position for retirement and it's all in his name.
The biggest reason the plan failed was the massive increase in FAE from the mid nineties to 2004. Average FAE went from 180k to 350k plus. Combine that with a decline in investments and drawdowns from lump sums and the plan went from fully funded to a 4 billion deficit almost overnight.