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Gilbertson says the system will have errors and omissions insurance soon. "We're not taking over this portfolio tomorrow," he says. "This is a transition stage."

What's more, he says, there are numerous checks and balances, internal policies and auditing systems that will ensure the in-house money will not be mismanaged.

Edith Christy knows she'll always get her $400 monthly pension--she's not worried about the fund going totally broke. But her grandson is student-teaching now, and she wants the fund to be solid when he retires.

"We do not want the wrong people to get their hands on that money--people who have things to gain personally," says Christy.

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