"Despite many politicos' vow to introduce extensive reforms that will address the needs of state and local pension plans, the switch from defined benefit to defined contribution might now be irreversible based on one key figure: The average funded ratio of public pension systems has dropped from 90% in 2004 to 71% in 2013.... According to Census Bureau data, in 2012 there were about 4,000 state and local government public employee retirement systems, with approximately 19.6 million active and inactive members. But retirees were 9 million. At that rate, with almost one-third of the public worker population inactive or receiving benefits and with Baby Boomers ready to retire as well, public pension systems will come under tremendous pressure."

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