Rollbacks

Maybe what you see above about smiling ain't quite so when it comes to pension rollbacks. 

From the Center for Retirement Research's summary of a recent "brief":

• In theory, workers would increase their supplemental saving in response to lower pension income, but do they in practice?
• The answer matters for state and local workers, as pension income varies, some plans are poorly funded, and not all workers have Social Security.
• The results show that workers with less expected pension income are more likely to save, but the effects are small, and they do not respond to the other factors.
• The takeaway is that if public employers reduce pension benefits, workers are unlikely to make up the difference by saving more on their own.

Source: https://crr.bc.edu/briefs/do-smaller-public-employer-pensions-spur-more-saving/ [Full brief available at this link.]

Note that pension benefits have been cut over the years at UC.