Improved fee disclosure could help individuals make better financial decisions and could also force a national conversation about how best to improve our retirement system.

The survey showed that on average, 53 percent of a family's savings are allocated toward retirement, compared with an average of just 10 percent for college.

A study also found that 70 percent believe the house they retire in will be the best home in which they have ever lived.

A study found that in general, new Calpers members need to save between $373 and $1,480 more each month or work 2.5 to 5 years longer to retire with the same income as members hired before the pension reform act.

The plan affords retirees and their spouses three options, an initial amount for coverage up to $25,000 offered as guaranteed issue and up to $75,000 or $150,000, both of which require medical evidence.

Now, it would be up to the city to decide how to raise revenue for pensions.

Only one-third of the 800 respondents said they had saved enough to retire comfortably, and just 35 percent expressed confidence in their financial preparation for retirement.

The limit changes every year based on changes in the national average wage index. For earnings in 2014, the base in $117,000.