(The lack of portability and the absence of annuity payouts are major shortcomings of most employer plans.) An independent board would oversee the state plan s administration, relying on a competitive bidding process to select investment managers.

Article 40 As regards commissioned investment management business, the Company shall make a disclosure by category (like social security fund, enterprise annuity and other special items) of the assets scale and proceeds of such business as well as the Company's income from such business and related risks took in such business during the reporting period.

Under this scheme, each worker would have an individual account balance (treated as an IRA from a tax perspective), but the assets that secure the plan s benefits would be held in a pooled trust, with a real return guaranteed by private insurance and paid out as an annuity upon retirement. Accounts would be linked to workers, not to their employers, ensuring portability between jobs.