MATH: The Perils of Putting One’s Faith in Defined Benefit Pensions. “You might think that underfunding pension plans is the sole purview of unscrupulous local and state governments. Unfortunately, irrational optimism, an inability to accurately plan for the future, and avarice are all very human weaknesses exhibited by people in all walks of life—even faith-based and church-affiliated hospitals and charities. . . .It’s interesting that charities and governments are ripping employees off on pensions worse than private businesses. The answer to this apparent puzzle isn’t that corporate CEOs are somehow more virtuous than men of the cloth or big city politicians; it’s that we have tough laws governing corporate pensions and weaker ones when it comes to charities and governments. We’ll also take this occasion to remind our readers why we think defined contribution pensions are the best bet for workers today. There are no pension programs that are totally risk free, or course. Life just doesn’t work that way. But too many people continue to underestimate the risk of defined benefit plans in a turbulent economic and political landscape.”