Charles E.F. Millard, Columnist

Everybody in the (Risk) Pool

A new approach would make retirement plans safer for U.S. workers, without asking more of employers.

March 16, 2016 at 4:31 PM UTC

Charles E.F. Millard is the head of pension relations at Citigroup. He was director of the U.S. Pension Benefit Guaranty Corp. under President George W. Bush.

Should we pool our funds?
Photographer: Gianni Ferrari/Getty Images

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The U.S. faces a retirement crisis.

We are living longer. Defined-benefit pensions are disappearing; the ones that exist are underfunded. Forty-five million Americans have no retirement plan at all. And nobody is seriously discussing solutions.