Taxpayers do NOT have ANYONE guaranteeing their pension investments in 401(K) and IRA plans. However, politicians have put taxpayers on the hook for government pension plans which guarantee an inflation adjusted payout. If government pension investments go down in value its always the taxpayers who must pick up the slack while ALSO having to restore their own pension investments. It is simply not fair to taxpayers.
The Tennessee General Assembly should immediately convert all new hires to a 401(k) plan.