Defined Contribution

In a letter to the board, Gov. Brown said increased longevity would cost the system $1.2 billion more per year than today.

Individuals who make less than $29,500 of adjusted gross income or couples who make $59,000 and file jointly are eligible to apply if they made eligible contributions to either a 401(k) plan or an IRA.

After the U.S., where assets rose 12 percent to $18.9 trillion, were Japan with 10.2 percent of assets, and the United Kingdom, with 10.1 percent.

The company will now make matching payments in a lump sum at the end of the year, forcing employees who leave before then to forfeit the benefit.

Assistant Secretary of Labor Phyllis Borzi wants Americans to make a resolution this year to save more for retirement.

Workers who do not have access to a retirement plan at work can open a MyRA account for as little as $25 and contribute $5 or more every paycheck.