Defined Benefits

The Treasury Department said Wednesday that it has resumed borrowing now that Congress has approved a temporary measure that allows the government to take on billions of dollars in debt to fund its most basic operations.

Macys is raising its fourth-quarter adjusted earnings forecast due to its strong performance in January. The department store chain is also planning to freeze its pension and executive retirement plans in an effort to better manage rising costs.

Gov. Tom Corbett laid out a strategy Tuesday for reining in pension costs for Pennsylvania state and school employees that would reduce future benefits for current workers and require new hires to participate in a defined-contribution plan.

The number of working Americans with pensions of any kind has decreased steadily since 2001.

The board that oversees Wisconsin's pension program for public employees has rejected a request by the head of Gov. Scott Walker's semi-private economic development agency to tap $200 million from the fund to invest in risky startup businesses.

Advisors will face an abundance of opportunity as the investible assets of U.S. households is set to double in less than two decades.

Economists say the U.S. island territory is a time bomb with a $37.3 billion unfunded liability, four times Puerto Rico's annual government budget.

Experts say Europe now needs to work on reforming pension systems and labor markets, and making many professions easier to enter.