Pension Crisis? What me worry?

What Pension Crisis?
A recent MoneySense article reviewing the federal “target-benefit” pension scheme suggests that Defined Benefit (DB) pension plans put employers on the hook when the pension fund under-performs.  Maybe that is the case for some (Canada Post?) but it's not so for all.

1 on 20 Ontarians are members of OMERS, the $64B municipal employee plan. Employee contributions are currently jacked up to cover the current unfunded liability of over $8B, thus making up for financial crisis under-performance, previous contribution holidays, etc..  True, young and new workers are getting hosed since only 75% of today's contributions are funding their retirements and 25% is making up the gap - but it is not municipalities/employers on the hook.  Today a healthy 14.6% of employee earnings over $52k go into the plan and this will continue until the liability is wiped out - these are significant contributions.

Most people are lazier than couch potatoes when it comes to their finances and are more like papasan pickles - so even after boosting financial literacy they need simple alternatives for investing:

Papasan Pickle investing

But unfortunately, even with simple alternatives, humans discount future risks in many areas (health, finances, building in Calgary's Bow River  flood plain...) and may be destined to make bad decisions not their their future self interest. Canadians are bombarded daily with "Your Richer Than You Think" and "It's Worth  a Talk" bait to make them pay attention and use some of the existing savings vehicles.  While the cornucopia of resources is there, like on the Money Sense site, it's not working.

So maybe the only alternative (and only need) is mandatory benefit programs targeting the real gaps (like single or widowed elderly women who have never worked and who are shown to be at risk).