Defined Benefits

A judge has given Detroit the green light to cut pensions as a way out of the largest municipal bankruptcy in U.S. history, a decision that puts the case in the laps of thousands of retirees who had hoped that the Michigan Constitution would protect them from getting smaller checks...

For pre-retirees with limited assets, delaying retirement, being strategic about when they claim their Social Security benefits and reducing spending may be the only options for improving retirement readiness, the Society of Actuaries says.

The costs for a company to keep its pension liabilities or shift them to annuities purchased from an insurance company were nearly identical in October.

The judge turned down objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan to solve $18 billion in long-term liabilities.

Fixed income strategies, says the Principal Financial Group, will work in all interest rates environments.

Illinois' unions don't like the proposed deal to reform the state's troubled pension system.