Defined Benefits

Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.

The organization gives its preliminary approval to new standards that would force greater transparency in the accounting of health care obligations to government retirees.

The IRS is starting a one-year pilot program next month that will waive compliance penalties for some small business plan sponsors.

The Pension Benefit Guarantee Corp. will pay the retirement benefits of more than 1,400 current and future retirees of Interfaith Medical Center, a 287-bed hospital in Brooklyn, N.Y.

New Jersey Governor Chris Christie said hell reverse course on promised pension contributions this year and next, cutting back to balance the budget after revenue fell short of his goals by as much as $875 million.

A decision from the Supreme Court could have a big impact on employers healthcare obligations to retired union employees.

The Pension Coalition says higher premiums would amount to a cumulative $51.4 billion hit to the economy over the next 11 years, and cost an average of 42,000 jobs a year.

It says too many of the most negative assessments rely on models that dont adequately reflect changes over a workers life.