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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.

The transaction is expected to close in the fourth quarter.

Public employees cranked up pressure on lawmakers Wednesday to address Illinois' worst-in-the-nation pension problem, saying they'd be willing to contribute more money toward their retirements and plan to host a pension summit after the new Legislature is sworn in next month.

The 15-member Advisory Council on Employee Welfare and Pension Benefit Plans provides advice on policies and regulations affecting employee benefit plans governed by the Employee Retirement Income Security Act.

PBGC chief Josh Gotbaum testified on the challenges facing multiemployer retirement plans, as provisions covering the plans are set to expire next year.