Double-A haircut - I'm sure at some point during the Social Security debates I averred that I'd rather have my retirement fund in a private account, even if it paid a lower rate of return than the government program, as long as I knew it was under my control.  Otherwise, you're just depending on promises that can disappear when the Trust Fund runs dry or your company goes belly-up.  Megan McArdle: "American Airlines wants to terminate pension plan, lay off 13,000."  Ouch.