Well pension money was also invested so it did grow substantially. Invested in secure stocks. Back when real estate always went up and profits from tha in paid interest was sort of tied into your benefits. Homw owners sort of paid into your pension in a round about way. Like anything else thrown into the market the pigs feast on it until it is all gone and becomes paper and nothing more. The 401k was one of the biggest mistakes people fell for. Clinton was another. Sorry, just referring to his repeal in 1999 of the Glass-Steagall Act. It all sounds like a good idea at the time but it turns out to be more like taking your savings to Vegas to double them.