Commentary: Replacing N.Y. pensions with 401(k)s is risky

A proposal to replace New York's public-employee pension plan with a defined-contribution plan is a risky idea for workers and for the economy, writes Matthew Ryan, mayor of Binghamton, N.Y. "The anti-pension movement claims public employees should move from the defined-benefit model to 401(k)s because so much of the private sector has done so, but the reality is just the opposite: If we want to maintain basic living standards, we must prevent a race to the bottom in the plans we offer to our workers," Ryan writes.

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