Legal

The sponsors of a new proposal to fix Illinois' pension crisis say the plan would save the state $2 billion and reduce its unfunded liability by $30 billion next year figures they hope will improve the plan's chances at the state capital.

A U.S. bankruptcy judge derailed efforts by California's giant pension fund to get paid before other creditors in the city of San Bernardino's bankruptcy Friday, as creditors lined up to oppose the debt-ridden city's eligibility for Chapter 9 bankruptcy protection.

New SEC and House Financial Services chairmen, plus DOL's Phyllis Borzi, will all help set the tone for the retirement advisor community in the new year.

The House approved a bill Thursday requiring federal employees to contribute 5 percent more of their salaries over five years toward retirement, as part of a wider deal hoping to avoid the fiscal cliff.

The company has been asked to disclose all its direct and indirect spending on politics and lobbying, filing a shareholder resolution as trustee of the state workers' retirement fund.

Retiring pilots will no longer be eligible for lump-sum pension payouts and will instead receive their benefits in a lifetime annuity.