California's public employee pension plans face long-term shortfalls as high as $500 billion as costs skyrocket each day, a Stanford University-based economic think tank said Tuesday in a report that critics assailed as relying on faulty data to support the group's political agenda.

The number of labor force participants over age 65 has increased about 22 percent in the past three years. Many individuals who thought they would be able to retire when they reached age 65 are reconsidering because of the economic downturn and lack of savings. So they just keep on...

Facing another budget deficit and the prospect of deep cuts to education, Gov. Jerry Brown plans to file a ballot initiative as early as Friday that asks voters to increase taxes on the wealthy and raise the sales tax by half a cent.

While many state-run pension plans are running huge deficits, and many states are calling for a switch from defined benefit plans to defined contribution plans, a handful of pensions have managed to weather the market volatility since 2008, including New Yorks.