The thing a vast majority of people fail to understand (even most public servants) is that neither DC plan nor DB plan is better or worse than the other...just different....and the only difference is risk and reward.  With a DC plan the potential downside and equally potential upside is borne by the employee, with DB is is by the employer.  Like someone else mentioned, in the 80's the employers (including government - i.e "taxpayers") made out like bandits skimming all the rewards off the DB plan valuations.  For that reward potential they also incur the potential risk of a market downturn.  Risk and reward.....both are possible the ONLY difference between DC and DB is who takes on that possibility.