While there is plenty, save, so there will be enough in time of want?
Here is what happened nearly everywhere in America, with respect to most pensions, and certainly Social Security, our very poor national pension system: in time of plenty, which is to say when the Boomers were paying in, and only a much smaller generation taking out, the money was spent. With regard to Social Security it was spent on increased benefits which could not be paid for long term, but which got votes in the short term. Those still paying in could not see any sign of this. Those people allowed the money to be taken—as it must by law in most cases—and didnt worry about it.
With regard to State and Municipal pensions, it went all sorts of places.
But net, net, in the six years of plenty all the excess was squandered by vote-hungry politicians on an array of vote-getting proposals, leaving nothing left for the time of want.
In a nutshell, this describes nearly all such problems nationally.