DEFINE THE CONTRIBUTION, NOT THE BENEFIT:

Derailing This Gravy Train (Steve Forbes, 01.17.11, Forbes)

The fundamental pension reform that states and municipalities must enact is for elected officials and government workers to move to the equivalent of 401(k)s. No more defined benefit plan, under which promises are made so that state bureaucrats can retire with high benefits at fairly young ages. No more abuses of working overtime near retirement so the salary on which the pension is based gets steroidic boosts. At the least, new government-employee hires should have a 401(k)-type plan.