Orrin Hatch Wants AIG to Provide Pensions for Public Sector Workers

No, I am not kidding. The NYT reported that Hatch is introducing a bill that would allow states to turn over the management and responsibility for pension plans to insurance companies. The NYT presented this sort of switch as good news for both workers and taxpayers, noting regulatory requirements for insurers:

"Perhaps more important, state insurance regulators provide a kind of oversight unknown in the world of public pensions. They require insurance companies to meet capital requirements,...