Legal

Flight attendants and ground workers marched in picket lines Tuesday to protest American's plans to kill its pension plans, reduce benefits and cut 13,000 jobs.

Prudential Retirement today announced its first longevity reinsurance transaction of 2012. Under the terms of the deal, Prudential Retirement will provide reinsurance of longevity risk to the U.K.'s Rothesay Life, a wholly-owned subsidiary of The Goldman Sachs Group, Inc.

The budget seeks to strengthen the defined benefit pension system by giving the board of the PBGC authority to adjust premiums and evaluate risks to it, and keep it viable for the times when plans fail.

To build support with tight-fisted tea partiers, GOP leaders added sweeteners such as a requirement federal employees pay more toward pensions.

A coalition of state employee labor unions sued the state of Michigan on Monday, saying recent changes to the funding of the employees' retirement systems are unconstitutional.

Brian H. Graff, executive director and CEO of ASPPA, calls President Obama's proposed 2013 budget "a bad proposal based on bad math," especially when it comes to encouraging participation in small businesses' 401(k) plans.