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Like everyone else who dines at a restaurant in Omaha, Nebraska, Buffett is charged a 2.5 percent tax thats used in part to defray $850 million in unfunded retirement expenses for city workers.

More than 90 objections were posted on the U.S. Bankruptcy Court website today, each one or two pages long and asking Judge Steven Rhodes to reject Detroits proposed plan of adjustment.

A group of California mayors is opposing a pension-reform referendum that would empower them to reduce expenses while risking their support from unions.

The billionaire investor says public pension plans threaten the financial health of U.S. cities and states more than taxpayers realize.

The Firefighters' Retirement System, the Municipal Employees Retirement System and the New Orleans Firefighters Pension and Relief Fund invested a combined $100 million with Alphonse Fletcher Jr., a Wall Street financier.

Rep. Dave Camp's plan to overhaul the nation's tax code has been condemned by yet another retirement group, with the National Tax-deferred Savings Association (NTSA) denouncing the bill on Friday.

Many fixes have been proposed to solve the retirement crisis in America but none have been the cure-all parties could wish for.

Local officials in at least 10 states are trying to cut pensions of municipal workers, or eliminate defined-benefit plans, pointing to Detroit as a symbol of the peril of growing retirement costs.