An Argument for Defined Benefit Pension Plans

If you're looking for an argument against creating a system of retirement savings with the following characteristics:

1. A defined-contribution system [401(k), 403(b), or, for those of us in academia, something like TIAA-CREF]

2. With the allocation choices made by individuals

3. And heavily weighted toward investments in equities (e.g., common stock)

which means, by implication, an argument for defined-benefit pension plans, the current financial meltdown is as powerful an argument as you could ask for.