I believe several states in the USA have taken this approach already. Some states made the switch soon after the 2008 real-estate crash and market meltdown. The

I believe several states in the USA have taken this approach already. Some states made the switch soon after the 2008 real-estate crash and market meltdown. They have the old plans for older employees and new hybrid/stock market based defined-contribution plans for newer employees. Also, many state pensions aren't that great compared to California, etc. Employees only get 40 to 50 percent of their former salaries under a lot of pensions. I've never understood how California can do 80% pensions. The Federal pensions have some very high percentage too (not sure what it is).