"Retirement payouts for 19.3 million U.S. state and local government workers in coming years are not likely to look much different from the iron-clad pensions that former teachers and police now get. Even as lawmakers raise retirement ages and trim cost-of-living increases, few are eyeing anything that would result in the kind of massive migration to 401(k)-style direct-contribution retirement plans that happened in the U.S. private sector."