Defined Contribution

According to data from the Milliman 100 Pension Funding Index, the pension deficit is below $100 billion for the first time in five years as the funded status increased by $34 billion during November.

The economic capital of Illinois and the Midwest, Chicago holds the dubious distinction of having the worst-funded public pension system of any major U.S. city.

The payment for the current fiscal year is $629 million and scheduled to be $703 million next year, according to Parnell's budget office.

The Seventh Circuit Court of Appeals is allowing 170,000 Boeing employees and retirees to proceed to a resolution of their claims that the 401(k) plan had excessive fees and imprudent investment options.

The sources of those who do include personal IRAs, pensions from previous jobs and pensions belonging to a spouse or partner.

Statistics paint a picture of millions of senior citizens forced to live in poverty after their working years end. Congressional gridlock, however, prevents any action that would allow Social Security benefits to remain at promised levels.