Defined Benefits

The complaint alleges that S&P used guesses and magic numbers to inflate ratings of mortgage-backed securities purchased by the California Public Employees Retirement System and the states teacher pension fund.

Defined benefit plan assets increased 8.11 percent to $5.67 trillion and defined contribution assets jumped nearly 17 percent to $2.68 trillion.

In 2013, the DOL collected $1.69 billion in fines, voluntary fiduciary corrections and informal complaint resolutions, a 33 percent increase over 2012s $1.27 billion tab.

States need to regularly check on pension obligations and liabilities and other long-term expenses to ensure funding obligations are met, said a report.

The draft plan given to creditors this week by Emergency Manager Kevyn Orr offers different recovery rates for classes of unsecured creditors.

We found that in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs for the main public pension plans administered by the states, a report stated.