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Experts say the best way for cities and states to get out from under crippling pension debt is to close their pension plans to new hires and move employees to lower-cost defined contribution plans. But there are additional ways to fix the problem.

A list of reforms to help fix the public pension crisis in America today.

As the once-proud city of Detroit humbles itself in bankruptcy court, its financial future may hinge on this key question: Is the city obliged to its past? Or can Detroit renege on its promises to thousands of retirees for the sake of its present city services?

The federal judge overseeing Detroit's bankruptcy set the first hearing in the case for Wednesday after the city urged him to stop pensioners from filing lawsuits that could gum up plans to restructure billions of dollars in debt.

The question gnawing at public pension funds over the past few days? Who might prevail in the Detroit bankruptcy? The bondholders or pensioners?

Real estate investments and rising stock prices help both pension fund post big annual gains.

A bankruptcy expert hired by the state to stop Detroit's fiscal free-fall made the Chapter 9 filing Thursday in federal bankruptcy court.

The proposed legislation is receiving support from the insurance industry, but consumer advocates and union reps are already voicing concern.