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Stung by a recession that sapped investments and home values, but expressing widespread job satisfaction, older Americans appear to have accepted the reality of a retirement that comes later in life and no longer represents a complete exit from the workforce.

The municipal bankruptcy of Vallejo, Calif., might be viewed as a cautionary tale for other cities that fail to get a handle on their pension costs.

Common wisdom might suggest otherwise, but a properly managed defined contribution plans can be as cost-effective as defined benefit pension plans, according to a study by the TIAA-CREF Institute.

If Congress fails to raise the debt limit, the 401(k) accounts of U.S. workers could fall by as much as 20 percent because of tumult in financial markets, according to a study by the American Society of Pension Professionals and Actuaries.

Politics aside, tax reform is coming and it could well mean an overhaul of the pension system including a government takeover.

Now that Oregon lawmakers have voted to cut retirement benefits for government workers, the battle moves from the Capitol to the courthouse.

Chicago has been stalling on pension contributions for many years, a problem fueled in part by the economic downturn, and no viable solutions seem anywhere near.

The funding levels of pension plans sponsored by S&P 1500 companies jumped to 91 percent in September, its highest point since October 2008.