Bob Schoonover, president of SEIU Local 721, is quoted in the article as describing the public and private retirement programs as two lifeboats, one with a leak.
Private 401(k) plans go up and down with the investment tides. But those smaller plans let their owners know exactly where they stand so they can make informed decisions. It is the public employee plans that are underfunded. Theirs is that "leak" that requires taxpayers to endure ever-increasing fees while receiving fewer benefits.
Schoonover may think his lifeboat is safe, but the promise of a luxury retirement to public workers was made by people who could not keep that promise.