Legal

American Airlines filed a motion in U.S. Bankruptcy Court on Friday that would eliminate the option for pilots to take their pensions in a lump sum payout instead of monthly payments.

President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to lead the agency after Chairman Mary Schapiro leaves next month.

Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government's regulatory response to the 2008 financial crisis.

The repeals of COL increases are part of an effort to rein in a growing unfunded liability that now exceeds $30 billion, including a 401(k)-style plan for new employees.

Plan sponsors and administrators in areas affected by the super-storm will have an enhanced grace period for ERISA-related compliance rules on 401(k) plans.

Sachs' Lloyd Blankfein tells CBS that Americans should work longer and accept cuts in entitlement programs in order to save Social Security.