The Grand Canyon Institute, based in Phoenix, said switching employees from a traditional pension plan would likely cause shortfalls as contributions from employees dried up.

Some believed the Universal, Secure and Adaptable (USA) Retirement Funds Act of 2014 was the right solution while others felt its approach was too complicated.

We found that in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs for the main public pension plans administered by the states, a report stated.

Oregon Treasurer Ted Wheeler is being honored for his efforts to increase access to low-cost, high-quality retirement plans in his state and encourage people in Oregon to save more for retirement.