Defined Benefits

Gov. Tom Corbett laid out a strategy Tuesday for reining in pension costs for Pennsylvania state and school employees that would reduce future benefits for current workers and require new hires to participate in a defined-contribution plan.

The number of working Americans with pensions of any kind has decreased steadily since 2001.

The board that oversees Wisconsin's pension program for public employees has rejected a request by the head of Gov. Scott Walker's semi-private economic development agency to tap $200 million from the fund to invest in risky startup businesses.

Advisors will face an abundance of opportunity as the investible assets of U.S. households is set to double in less than two decades.

Economists say the U.S. island territory is a time bomb with a $37.3 billion unfunded liability, four times Puerto Rico's annual government budget.

Experts say Europe now needs to work on reforming pension systems and labor markets, and making many professions easier to enter.

Global pension fund assets hit a record high in 2012, climbing 10 percent to a grand total of $16.9 billion, according to Towers Watson tracking.

Even with 14.2 percent earnings on its investments, the automaker is seeing a rapidly increasing global pension deficit, topping $18.7 billion.