Defined Benefits

The U.S. Securities and Exchange Commission charged Kansas with failing to disclose a multibillion-dollar pension liability to bond investors.

Public pensions had median increases of 16.9 percent for the 12 months ended June 30.

A Calpers board member from 1993 to 1995, Alfred Villalobos allegedly acted as a placement agent in helping Apollo Global Management to secure investments by Calpers in 2007 and 2008, prosecutors said.

The giant consulting firm expects alternatives to grow to $14.7 trillion, or 15 percent of all global assets under management, in the next five years.

The average alternatives allocation for the top performers was 29 percent, compared to 25 percent among all public pensions.

With too little saved for retirement, many Americans may be surprised to find themselves in less-than-conventional living arrangements.

Stuck financially between a rock and a hard place, many fear the approach of retirement. Either they lack the money to leave the workplace or know that, if they leave, the money will run out and theyll be back.

Its too bad that the interests of future pensioners -- and the city's -- are so different.