401(k)-style retirement plans are becoming the new normal in state and local pension reform efforts. Six states have passed 401(k)-style reforms since 2008 – with Oklahoma passing a 401(k)-style reform plan for new workers earlier this year. Memphis, Tennessee, is the most recent example of a city pushing to take politicians out of the retirement...

Over the last three decades, private-sector companies have transitioned away from traditional pension plans and toward 401(k)-style plans for their employees. While the traditional pension plans were unpredictable and unmanageable, these 401(k)-style plans offered companies a greater level of certainty in their budget and gave employees greater control over their retirement accounts. Today, 85 percent...

In a step toward meaningful pension reform, Oklahoma Gov. Mary Fallin signed legislation that ends the state’s traditional pension retirement system for newly hired state employees in favor of a 401(k)-style retirement plan. Teachers and state workers designated “hazardous duty” including firefighters and law enforcement officers are exempt. And the legislation does not change the...