Legal

New SEC and House Financial Services chairmen, plus DOL's Phyllis Borzi, will all help set the tone for the retirement advisor community in the new year.

The House approved a bill Thursday requiring federal employees to contribute 5 percent more of their salaries over five years toward retirement, as part of a wider deal hoping to avoid the fiscal cliff.

The company has been asked to disclose all its direct and indirect spending on politics and lobbying, filing a shareholder resolution as trustee of the state workers' retirement fund.

Retiring pilots will no longer be eligible for lump-sum pension payouts and will instead receive their benefits in a lifetime annuity.

It's likely to be part of any budget deal to reduce the overhang of federal debt, raising $20 billion or more over 10 years. It could come as a shock to many seniors who will have to pay the higher premiums.

Public employees cranked up pressure on lawmakers Wednesday to address Illinois' worst-in-the-nation pension problem, saying they'd be willing to contribute more money toward their retirements and plan to host a pension summit after the new Legislature is sworn in next month.