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In arguments before the high court, the state of Washington noted that the statute surrounding gain-sharing very clearly stated that the Legislature reserved the right to change or cut the benefit.

A proposed ballot measure that would allow California cities to change the retirement benefits of current government employees drew a quick, sharp response from CalPERS, the states retirement system.

The funds 10 investment beliefs read more like a series of principles to guide socially responsible investing and have been met by more than a hint of scorn by some in the investment world.

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job satisfaction, older Americans appear to have accepted the reality of a retirement that comes later in life and no longer represents a complete exit from the workforce.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.