“The bill was opposed to by a slew of unions, including the Service Employees International Union, which argued that 'virtually every study that compares DC and DB plans concludes that defined contribution plans are as much as 40% less efficient and more costly that a defined benefit plan in providing the same benefit.' And the California Labor Federation said that the proposed bill 'would shift all the risk on to workers, meaning an employee could lose most or even all their retirement saving due to a market crash or bad investments decisions.' …”