Allegheny Technologies is making the switch to a 401(k)-style plan despite the fact that the company’s defined-benefit plan is currently 87 percent funded. Regardless of how well funded some defined-benefit plans can be, the plans are no longer affordable or sustainable.

A federal judge approved Detroit’s historic Chapter 9 bankruptcy, allowing the city to shave off $7 billion in liabilities from a total debt of $18 billion.

In 2005, Alaska froze the state’s traditional defined-benefit pension plan and created a self-managed 401(k)-style retirement plan for new public employees and teachers.

Michigan was a trailblazer when it comes to 401(k)-style reform plans for government workers. In 1997, Michigan froze the state employees’ defined-benefit pension plan and created a self-managed 401(k)-style retirement plan for new state workers. It was the first state in the nation to enact bold reforms like these. Michigan state employees who started working...