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Medical benefits of retirees are not considered vested and thus can be changed, the court said.

Will 2014 turn out to be a good year for pension stability? A good year for the growth of wealth through pensions? Maybe yes. Maybe no.

Retirees in poor health were less likely than healthier counterparts to select a life annuity, indicating that a persons perceived longevity impacts investment choices

To address those concerns, the new rates, proposed to account for increased longevity assumptions, would be phased in over five years beginning in fiscal 2016-17.

The plan violates the Illinois constitutions guarantee that benefits of any state pension or retirement system shall not be diminished or impaired, according to a complaint filed yesterday in state court in Springfield, Illinois.

The controversial law, which was passed after months of negotiations, increases employee contributions from 9 percent of salary to 10 percent and sets the retirement age for new hires at 62.

Even with major pension system changes in in 2011 and 2012, the gap between anticipated revenues and commitments to employees through 2033 approaches $10.3 billion 11 percent larger than projected a year ago.

Unions representing police officers, firefighters and other city workers challenged the pension changes, which called for city workers to contribute 16 percent more to their pension plans.