The State Retirement Systems, covering pensions for ex-state employees, judges and lawmakers, withdrew $29.7 million in 2013, down 88 percent from $248.7 million a year earlier.

The New York-based auction house spent months determining the collection's fair market value after Detroit filed for bankruptcy last summer.

Citing disapproval of the law especially its individual mandate as well as the plans high cost, 35 percent said they would likely pay the fine instead of buying insurance.

EBRIs report builds on an earlier modeling analysis, using a stylized final average DB accrual of 1.5 percent of final compensation per year of participation, to compute the retirement income at age 65, across a range of tenure and income factors.