Retirement

The Senate Budget Committee voted to give the state's lowest-paid hourly employees a $1.25 per hour raise on Monday, following about two hours of debate over whether a minimum wage increase would spur New Jersey's sluggish economy or kill precious jobs.

Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet.

The government says Medicare premiums are going up $5 a month for 2013. That's less than expected, but it'll still eat up nearly one-fourth of the typical cost-of-living raise for retirees.

Hostess Brands Inc. says it's going out of business after striking workers across the country crippled its ability to make its Twinkies, Ding Dongs and other snacks.

Patrick Bannigan succeeds COO Barry Fink, who will retire in 2013.

Mutual fund shareholders aren't budging from their recently conservative approach to investing, despite this year's stock market gains. Cash was pulled from stock funds for the eighth month in a row in October, while bond funds attracted cash for the 14th consecutive month.