Will Killing the DB Save Money?
Letter to Bill Lockyer, Attorney General, from Legislative Analyst & Campbell, 2/11/2005:

Offsetting Employee Compensation in Other Areas. Reduction in retirement compensation … could lead to increases in other types of employee compensation. For instance, in order to attract and retain employees, some governments might need to increase salaries to compensate for lower retirement benefits. Over time, these types of increased public employer costs could offset a significant portion of the retirement savings.”