Retirement

Detroit's mayor slashed wages and reduced benefits for city workers Wednesday without any collective bargaining, one of the most severe steps taken so far as officials grapple with a crisis that has pushed the city to the brink of financial ruin.

Financial advisors Matt Browning and Monica Bacon-Proctor have become registered representatives with the Nebraska-based, independent broker-dealer.

An independent fact finder has recommended that Chicago teachers receive a 14.85 percent raise to "compensate teachers for working a longer school day and year," a union official union said Monday.

Chairman Ben Bernanke offered a sour assessment of the U.S. economy Tuesday and said the Federal Reserve is ready to take further action if growth doesn't pick up.

The nation's largest public pension fund collected a dismal 1 percent annual return on its investments, a figure far short of projections that will likely bring pressure on California's state and local governments to contribute more money, officials said Monday.

A rising market didn't instill confidence last month, as investors continued to withdraw more from stock mutual funds than they deposited into them.