The phony definition of the so-called “riskless rate-of-return” results in a gross misallocation of pension plan assets on which Wall Street firms and banks garner exorbitant and unearned fees. If the putative beneficiaries receive the benefits and pensions they have been promised and which they have earned, it will be a happy accident. Meanwhile the Wall Street firms get their fees NOW. Estimated Wall Street fees on the nearly $10 trillion of U.S. defined benefit pension plan assets sum to about $100 billion per year.
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