I don't think the problem has been the basic pension idea; it's the funding requirements that the law demands. Companies have been able to delay funding until they're so far behind they can't catch up. During the stock market boom of the late 90's the companies made no contributions because they pension assets were increasing along with the stock market. This was fine until the bottom fell out. The ironic thing was that no contributions were made when the airlines were making their largest profits. Legal but stupid.

The 401k idea also has fundamental limitations compared to group pension funds. Mainly, how long are you going to live in retirement? If you live to be 100 and you planned your 401K saving to only live to the statistical average of 74 you're going to be eating roman noodles for a quarter century. A group plan has the ability to cover many variables because some participants will die well before the statistical average and the plan can cover the anomalies.

Also, your argument that your pension is funded by the next generation has turned out to be true, but shouldn’t be. The law should demand that the company contribute enough during your tenure to purchase an annuity at your retirement.

The death of the defined benefit plan is not something to be celebrated. We’re all worse off.