Defined Benefits

The city of Providence said in its complaint the "misconduct alleged herein has siphoned off billions of dollars from private and public pension funds and individual retirement accounts that millions of Americans depend on.

There is a movement afoot by retirees to skip retirement in the traditional sense by selling their homes and worldly possessions to go out and see the world.

The city reached agreements two days ago with its two pension systems, after settling with some bondholders last week.

Now, companies looking for lost retirement plan participants will have to do the research on their own.

Under a deal with the citys pension systems on cuts to retirees monthly payments, the two sides agreed to cap the amount overpaid retirees must repay at 20 percent of what they received.

Costs for employee salaries, benefits and pensions will increase by $192 million, or more than 10 percent, the citys top budget official said.