You may call me hopelessly old-fashioned, but I believe in loyalty. One of the ways in which we reward loyalty is a pension plan. In the case of state pensions (professors, teachers, firemen, policemen, etc), the standing argument is that many of these people took the good pension as a trade-off for lower incomes than they could get in industry.
Even the Soviets recognized that this trust was inviolate. Not so the corporate raiders, who started in about 1980 to raid the funds to pay for their purchases, totally destroying many of them in the process.
Today, the conservative US columnist George Will published a piece blaming California's financial ills on over-taxing the rich, and the 'generous' state pension system.
I find it a very odd coincidence that the very same day, conservative Republican lawmakers in Ohio announced that their public pension system is in trouble, and requires a major overhaul, to be done on the backs of the current retirees.