Two-thirds of advisors surveyed by Aberdeen said investment products have become harder for clients to understand.

The overhaul, approved by the General Assembly this week after years of delay and inaction, cuts benefits for most employees and retirees. It has a June 1 effective date, but could be delayed by the legal challenges.

Aon Hewitt says the most common way employers are doing so include switching share classes to less costly alternatives (62 percent) and swapping out funds for lower-cost alternatives (50 percent).

A study of about 85 percent of state and local retirement plans found assets had grown to $2.67 trillion, while liabilities totaled $3.63 trillion by the end of 2012.