Retirement Trends

Public employees cranked up pressure on lawmakers Wednesday to address Illinois' worst-in-the-nation pension problem, saying they'd be willing to contribute more money toward their retirements and plan to host a pension summit after the new Legislature is sworn in next month.

The 15-member Advisory Council on Employee Welfare and Pension Benefit Plans provides advice on policies and regulations affecting employee benefit plans governed by the Employee Retirement Income Security Act.

Americans are staying at their jobs longer, but the average length of time on the job for American workers in 2012 was just 5.4 years.

PBGC chief Josh Gotbaum testified on the challenges facing multiemployer retirement plans, as provisions covering the plans are set to expire next year.

Sun Life Financial's decision to unload its U.S. annuity business through a sale to Guggenheim Partners may expose some of the difficulties in financing the products.

Getco is buying rival trading firm Knight Capital in a cash-and-stock deal that could be worth more than $1 billion. The deal comes just four months after a major software malfunction at Knight roiled markets and threatened the company's survival.