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Any plan must include higher contributions from teachers as well as more from schools and taxpayers, said Assembly Speaker John Perez, a Los Angeles Democrat.

Democrats can speak hopefully of a new populist moment centered on proposals such as a higher minimum wage, but this is the third or fourth time that the president has attempted to launch a new populist, progressive moment.

The unions, which include the biggest organizations representing state workers, called legislation signed into law last month by Democratic Governor Pat Quinn to reduce the shortfall theft, according to a statement.

The American Academy of Actuaries group called on the president, as well as Congress, to vow to ensure the long-term viability of Social Security and Medicare, something that has long been talked about with little to show for all the rhetoric.

The big upside is that the employer and the employees split the investment risk between them so neither side shoulders all of it.

While Im a veteran writer and editor whos covered tech and some financial topics, Im not on top of all the issues and players moving this market. Not yet, anyway.

Columbia Business School Professor Christopher Mayer says hes so convinced that reverse mortgages can be a cornerstone of responsible retirement planning that hes gone into the business.

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.