Defined Benefits

The reforms, which led to a strike this week and street protests outside the capitol, increased employee contributions to the retirement system to 10 percent of salary from 9 percent.

The proposal marks a new direction for a governor who has said he opposed a state bailout that focuses only on reducing the citys $18 billion in debt.

American workers lack of retirement readiness has been dropped on the doorstep of the defined contribution market and its been pointed out again and again that 401(k) plans dont offer the same benefits that came with defined benefit pension plans.

Investigators from the DOLs San Francisco office found that Lange Trucking Inc., based in Oakland, failed to fully fund the 401(k) accounts of 515 drivers.

The state may see its relative borrowing costs double within two years and its credit grade weaken without a fix, said Adam Mackey, head of munis at PNC Capital Advisors.

Christie urged pension changes to free up money that he said was needed for schools, infrastructure and other projects.

The systems largest component, the Core Fund, had assets of $86.5 billion at the end of 2013. The 13.5 percent return surpassed the benchmark of 12.9 percent the board had set.

The Orange County city with a median home value of $1.5 million according to Zillow.com, is weighing bids from other governments and private companies for lifeguard services at Corona del Mar State Beach, which the municipality patrols,