Defined Benefits

According to the Arizona Republic, a new proposal to substitute a 401(k)-style plan for professional politicians and judges might save the public hundreds of millions of dollars.

Los Angeles Mayor Antonio Villaraigosa is asking several city pension programs to end their investments in corporations that manufacture firearms, ammunition or high-capacity ammunition magazines.

BlackRock's fourth-quarter net income climbed 24 percent as the value of the assets it managed for its clients grew and performance fees increased. Its performance topped analysts' estimates.

The council on Wednesday passed a one-year freeze in pension benefits that will save $25 million. It means that employees won't earn pension credits for 12 months beginning Feb. 1.

An influential group of business CEOs is pushing a plan to gradually increase the full retirement age to 70 for both Social Security and Medicare and to partially privatize the health insurance program for older Americans.

Geithner says the move will free up $156 billion in borrowing authority while Congress debates increasing the $16.4 trillion debt limit.