Seems very reasonable...and while you are at it converting the defined benefit plans of Universities into defined contribution plans would be helpful too. The one I've been forced to pay into has a large unfunded liability and my concern is that the money will not all be there when I need my pension.

I would much rather have a defined contribution plan where I have some control over how it is invested and know that the money is there (barring a financial catastrophe of such a scale that even defined benefit plans will be toast). The US has an excellent system like this with many universities using TIAA-CREF.