Almost. Non government entities don't offer the kind of unaffordable benefits such as defined benefit pensions and retiree healthcare anyway as they became more and more unaffordable.

The whole deferred compensation scheme known as defined benefit pensions and retiree healthcare morphed into a way for politicians to push payroll expenses into the future so that they could get elected on "low tax" platforms. They can get away with this because the laws requiring saving for deferred compensation don't apply to government entities.