ICI's research on retirement benefits suggests that low wage earners are particularly at risk of being left behind, championing Social Security as a solution.

With the state employee retirement plan facing a $19 billion shortfall, the governor must decide if the state should sell government bonds to make up the money.

Despite significant cuts to benefits and plans to curtail retirement incentives for new hires, state pension funds are collectively more than $900 billion in the red.

California has signed into law reforms limiting future public employee pension benefits, and requiring larger employee contributions to plans.