Legal

Creditors will have a chance to vote on the proposal once its filed in U.S. Bankruptcy Court in Detroit and the judge determines it gives enough information.

The accounts, which Obama announced in his State of the Union Address, will be available to workers who dont have access to a 401(k) plan,

An examination by the Securities and Exchange Commission found that pension fund consultants and other advisors were lax in vetting alternative investments.

President Barack Obamas proposal for encouraging low-income Americans to set money aside in accounts with tax advantages is a limited step that may help bolster retirement savings.

The unions, which include the biggest organizations representing state workers, called legislation signed into law last month by Democratic Governor Pat Quinn to reduce the shortfall theft, according to a statement.

The organization said that when tax reform was all the rage, the topic of retirement savings was at the forefront of the national conversation, but lately it has dropped off the radar.