Cain is talking about the ‘Chilean model.’

A recent report by the Chilean government brought more grim news, forecasting that as many as half of all workers won’t be able to save enough to receive the minimum pension when they retire—even after paying into their accounts for 30 years—and will therefore rely on government subsidies. More than 17 percent of Chile’s retirees now continue working because they can’t afford to live on their pensions, according to that study, and another 7 percent want to work, but can’t find jobs.
motherjones.com