Defined Benefits

While the ABA opposes a fiduciary role, Schroders has supported lobbying for it by the Association of Institutional Investors, whose members oversee more than $10 trillion in mutual funds, pensions and other accounts.

The announcement came as the judge handling the $18 billion bankruptcy case urged Detroit to resolve disputes with suburbs that rely on it for water and sewer services.

Yesterday, a committee of retirees announced that it had reached a deal with the city. Shortly after that, Detroit filed a new debt-cutting proposal, describing agreements with the two pension funds that operate the retirement plans for 30,000 active and retired municipal workers.

Stockton, Californias plan to fully pay employee pensions after leaving bankruptcy may lead to more unfilled potholes and unpaved streets, according to a Sonoma County citizens group.

In North Carolina, the state treasurer has the sole authority to invest pension funds and the union representing tens of thousands of state employees has for a long time been calling for an investment board to manage the funds.

Just as the baby boomer generation is reaching retirement, experts are expressing concern they could be in for a surprise.