Defined Benefits

A change in PBGC policy saved 50 businesses about $1 billion since November.

A proposal to shore up the long-term finances of a pension system for state and local government workers in New Mexico cleared the Legislature on Wednesday and heads to Republican Gov. Susana Martinez.

The Montana Legislature inched closer to finding a fix for its beleaguered pension system when a committee decided to advance both of the major proposed fixes.

Private industry employers spent an average of $8.57 per hour on employee benefits, or nearly 30 percent of total costs, including retirement plans, in December 2012.

Federal authorities announced Monday that Illinois has agreed to settle a securities-fraud charge that accused the state of misleading investors about the financial health of its public-employee pension systems, which are now $96.7 billion short of what's needed to cover promised retirement benefits.

Multiemployer plans with the biggest deficits have taken significant steps to address their funding problems.