I believe that pension reform is a critical issue that states must address. The Investor's Business Daily article "As Illinois Goes Bankrupt, Michigan Embraces Bold Pension Reforms" discusses some of the steps Michigan has taken to address its pension funding gap.
In a nutshell, Michigan has shifted public school teachers to a defined contribution plan, but allows teachers to opt for a more traditional defined benefit pension, but one that splits the costs 50/50 between workers and the state. It's an interesting article and worth a read.
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