Over the last two decades, the traditionally more generous public service benefits may have been diminished, as many state and local governments enacted changes to their DB pensions that raised contributions, says a new study.

No slowdown is expected in the coming months when it comes to employer-sponsored health care and retirement plans. Here are some of the big-ticket items.

Most public pension plans are distressed or fragile, and there are better ways – risk-managed pensions, guaranteed return plans, hybrid plans or any combination – to design them for the 21st Century, says a new report.

"They are constantly looking for new financial tricks and strategies," Cornell University professor Rosemary Batt says.