Retirement Trends

In addition to inconsistent state funding, the university faces rising costs for debt service, employee pensions and retiree health care.

Given the increasing shortcomings of traditional retirement plans such as 401(k)s and IRAs, as well as the growing pressures on the future of Social Security, more Americans will have to bolster their savings with additional sources of income.

Nearly 90 percent of people between the ages of 55 and 64 believe retirement is real and they will one day not need to work and still be able to live comfortably.

Bond funds had the largest inflows with gains of $79 million and GIC/stable value funds had gains of $51 million.

Since filing for bankruptcy in August 2012, the city has been mired in court fights against creditors including Calpers and the unions, while creditors vie with each other.

The cartoon snake, which Illinois Governor Pat Quinn used to symbolize retiree costs that are strangling the states finances and undermining its credit rating, is now smothering Chicago.