THE PURPOSE of any pension plan is to provide income security to retirees. The Globe missed that point in its Jan. 25 editorial “New pension bill is laudable, but doesn’t go far enough,’’ which suggested that Governor Patrick should replace the current public pension plan with a 401(k)-style plan.
A 401(k) plan is a good addition to encourage savings, but it is not the basis of a secure retirement. It shifts risk to the individual, who cannot manage the risk nearly as well as the state can. Thirty years of experience with this in the private sector has been disappointing.
In addition, state workers and the state do not contribute to Social Security, leaving state workers without the retirement safety net enjoyed by all private sector workers. The Globe’s position that state employees should pay for almost all of their pension puts them in a much worse position than private sector workers whose employers pay for half of their Social Security.
The public pension system needs further reform, but scrapping the traditional pension model is not the answer.
Ellen A. Bruce
Director
Pension Action Center
UMass Boston 
