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Under the plan, workers at companies that have more than 25 employees and that do not offer a retirement plan could participate in one.

General employees pensions would shrink by 4.5 percent while police and fire employees would see no reduction in their monthly pensions and have their cost-of-living adjustments capped at 1 percent.

The deal struck last week is a sign of progress in negotiations to exit bankruptcy and would shift 26 percent of $388 million in claimed liabilities to pensions and to overdue payments on debt.

Public pension plans now have just $3 trillion to invest to be able to pay out future benefits of $10 trillion over the next decades.

Employers are trying out all kinds of approaches to better manage retiree health costs, though the day will eventually come when just a handful will offer such benefits to the over-65 set.

Memphis has underfunded its city- run pension plan since 2009, putting the cash toward its budget. Tennessee lawmakers want to attach a cost to that kind of scrimping on retirement expenses.

A deal that may help the city speed the end of the biggest-ever U.S. municipal bankruptcy, which is threatening city pensions.

No changes have been proposed to city pensions, which the commission said now consume 18 percent of the city budget, up from 3 percent in 2003.