"[P]ublic pension systems appear poised to emerge stronger than before the financial crisis thanks in large part to state policymakers' resistance to calls for extreme measures, while undertaking prudent state reforms and enjoying economic recovery.... Although the environment back in 2008 appeared fertile for a wholesale switch to individual defined contribution accounts from defined benefit pensions, it never happened.... [W]hy did policymakers stick with their defined benefit plans in the face of financial pressure and the corporate trend away from them?"  MORE >>