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Gov. Pat Quinn and Illinois legislators will be meeting over the weekend to try to beat their own 'fiscal cliff,' a looming $96.8 billlion pension deficit.

Oakland's leaders took a risk by borrowing $213 million to cover pension payments, betting that the fund's investments will earn more than the bonds cost.

The massive New York state public pension fund has filed a suit against a high-tech firm, hoping to reveal information on the company's political expenditures.

In Philadelphia, pension costs doubled in a single decade. Cities in Rhode Island dimmed streetlights, raised taxes and put off road repairs. Stockton, Calif., fell into bankruptcy.

With the deadline ticking down to his state's own version of a fiscal cliff, Illinois Gov. Pat Quinn has said he still feels optimistic pension reform can take place in a timely fashion.

A committee suggests that current and former state workers be allowed to move into a 401(k)-style plan as an optional alternative to fixed-benefit pensions.

The sponsors of a new proposal to fix Illinois' pension crisis say the plan would save the state $2 billion and reduce its unfunded liability by $30 billion next year figures they hope will improve the plan's chances at the state capital.

A U.S. bankruptcy judge derailed efforts by California's giant pension fund to get paid before other creditors in the city of San Bernardino's bankruptcy Friday, as creditors lined up to oppose the debt-ridden city's eligibility for Chapter 9 bankruptcy protection.