A defined-contribution savings plan does not have the pooled investments, professional asset managers, and shared administrative costs that a defined-benefit pension plan provides.
“The charter movement is now part of the growing privatization of public education and Wall Street sees an emerging market. Take a look at this piece published last fall on Forbes.com. ‘…dozens of bankers, hedge fund types and private equity investors…’ gathered to discuss ‘…investing in for-profit education companies…’ There’s a potential gold rush here. Public education from kindergarten through high school pulls in more than $500 billion in taxpayer revenues every year, and crony capitalists and politicians alike are cashing in…” (Bill Moyers).