Defined Benefits

Oakland's payments to the state pension system jumped from $37 million in 2003 to $89 million in 2012.

The city of Providence said in its complaint the "misconduct alleged herein has siphoned off billions of dollars from private and public pension funds and individual retirement accounts that millions of Americans depend on.

There is a movement afoot by retirees to skip retirement in the traditional sense by selling their homes and worldly possessions to go out and see the world.

The city reached agreements two days ago with its two pension systems, after settling with some bondholders last week.

Now, companies looking for lost retirement plan participants will have to do the research on their own.

Under a deal with the citys pension systems on cuts to retirees monthly payments, the two sides agreed to cap the amount overpaid retirees must repay at 20 percent of what they received.

Experts will take into account factors such as gender, place of residence and whether they smoke.

Under a proposal announced April 15, Detroits emergency manager, Kevyn Orr, agreed to pay retired city police officers and firefighters their full monthly pensions. Hours later, the pension system for general employees, such as city hall clerks and street workers, said it, too, had settled.