On July 1, 2010, I retired from a major East Coast State University after more than forty years on the Mathematics faculty. When I was hired in the late 1960s, I enrolled in the state's Teacher Pension Plan, a defined benefit plan. Over the years, I worked very hard in my disparate roles as teacher, researcher, and administrator. I climbed the academic ladder, and I retired with a reasonably good salary. Ergo, I earned an ample annual stipend to be paid to me during all the years of my retirement.When I enrolled originally, the state agency that administers the plan sent me glossy brochures assuring me that my contributions -- as well as those of the state -- would be invested wisely, and that these investments would easily generate sufficient revenue in the future to fund my stipend. The accompanying charts and schedules that they sent seemed quite convincing, and so I did not doubt the accuracy of the projection. In fact, the plan was typical of others offered by many state...(Read Full Article)