Well surely corruption would be orders of magnitude worse under private management yea? Or are we pretending that schools trade on a competitive market, and that the US is a place that distributes money rationally? Cuz all evidence points towards privatization as a graft vector

Buddy you've really lost the plot here. Privatization or lack thereof has nothing to do with mismanagement of employee retirement benefits. Both public and private employers can set up defined-benefit or defined-contribution retirement plans. Defined benefit pension plans create a huge risk for both private and public schools because current operating funds intended for educating students might have to be diverted to meet financial obligations to retirees.