In this podcast episode, host John McGregor discusses the severe retirement crisis affecting U.S. pension systems, emphasizing mismanagement, lack of transparency, and excessive fees. Financial forensic expert Ted Seidel highlights the underfunding and regulatory gaps in these funds, while Chris Toby, a former trustee of the Kentucky Retirement System, shares insights on the challenges faced by trustees and the need for transparency. The episode underscores the impact on retirees and taxpayers, calling for greater oversight and reforms to protect retirement savings. The speakers urge listeners to educate themselves and advocate for better pension management practices.