They Were Never Going to Let You Retire
The private equity heist of America’s pensions—and why no one stopped it
Section 1 – Pensions Were a Promise, Not a Perk
Pensions were never a perk. They were a hard-earned contract: work for decades, and retire with dignity. Every overtime shift, every late-night emergency, every burned-out knee on the job site contributed to a promise—a defined benefit, not a roll of the dice.
At their peak in the 1970s, 62% of private-sector workers had pensions. Today? Just 13%. Public workers—teachers, firefighters, city staff—are among the last holding the line. And Wall Street wants that line erased.
Why? Because pensions are massive. U.S. pension funds hold over $4.8 trillion as of 2024. That’s too tempting for private equity to ignore. These firms don’t see pensions as obligations—they see them as capital to strip, fee, and discard. And underfunded pension boards, under pressure to deliver returns, keep taking the bait.
In 2022 alone, public pensions paid $21 billion in fees to private equity firms. That’s $21 billion not going to retirees. It’s going to billionaires …
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