Tell that to a former Nortel employee Jeff.  Of course for a private sector employee a DC plan is favourable as it remains in the control of the employee and not the business.  A big distinction in my books.    Yes, you never lose with a DB plan...however if over thirty years your DC plan returns 5-6% you would have performed better.  If I recall the investment world over the last 30-40 years on average has produced about that..

As for the government making up the difference you are correct, but dollars to donuts how they resolve that is by massively increasing current contributions amounts paid by employees as they should.   

Of course DB plans are good and those people are lucky like my mother, but they are not gold plated as the likes of people on here suggest.    All people should have something and I would like to advocate for all as opposed to those on here that want to austere everyone except the richest....their logic is skewed...