Defined Benefits

While more than 40 states have enacted some type of pension reform since 2011, some are still in dire straits, bringing the net pension liability into the trillions.

The board of directors of the Detroit Retired City Employees Association voted to support the citys proposal that reduces pension and retiree health-care benefits, the mediators said.

The budget that Congress signed into effect in the last moments of 2013 legislative session substantially changes how new federal employees will fund their pensions.

The city council and public unions have agreed to delay proposed pension and pay cuts for another year after a Santa Clara Superior Court judge signed an agreement this week.

The California Public Employees Retirement System said a ruling by a judge in Detroit that federal bankruptcy law takes precedence over state law may threaten the soundness of public pension systems as a whole.

State Sen. Wilton Simpsons bill would have required all elected officials, except for judges, to move into a defined contribution 401(k) plan after July 1, 2015.

Some 160 health and pension plan customer service representatives and support staff have voted to authorize a strike against the Associated Third Party Administrators unless the company offers a viable union pension plan.

New Jerseys credit rating was lowered one step by Fitch Ratings, which cited an $807 million revenue shortfall and Governor Chris Christies likely use of one-time measures to plug the gap.