Pension Benefit Guarantee Corp. Director Josh Gotbaum said Friday increased financial literacy can’t eliminate the retirement crisis.

“We have to stop pretending just financial literacy is enough. No matter how successful financial literacy efforts are, people are not pension and investment experts. Most people are not Warren Buffett. We have to do more than that,” Gotbaum told the Hispanic Heritage Foundation Latino pension fund trustee forum in Washington, D.C.

One measure that would help, he said, would be to increase annuity options in defined contribution plans in an effort to produce lifetime income.

He also advocated simplifying the process of retirement saving. “You shouldn’t have to have 37 decisions and file 14 different forms to save for retirement,” Gotbaum said.

The PBGC executive said that left to their own devices, workers don’t save enough to last until they die.

“My shorthand for this is actuaries do the math, and the rest of us don’t,” Gotbaum said. He added retirement is 22 percent longer on average than 50 years ago.

Another problem with individuals saving for their own retirement is that they pay higher fees to invest than pension plans do.

Unlike commonly assumed, the PBGC director said, defined benefit pension plans are not dead. The plans cover 75 million people, including 36 million active workers.