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Premature withdrawals from retirement accounts have become Americas new piggy bank, cracked open in record amounts during lean times by people like Cindy Cromie, who needed the money to rent a U-Haul and start a new life.

U.S. Bankruptcy Judge Steven Rhodes approved the citys disclosure statement and a plain language explanation of how pension and retiree health benefits for current and former city employees would change under the plan to shrink the citys $18 billion in debt.

The downgrade is the result of narrow operating reserves, below average income indicators and an elevated debt burden, due in part to retirement pensions for full-time firefighters and police officers.

Gains also are being driven by limits on cost-of-living adjustments, delayed retirement and more reliance on funding from workers.

While more than 40 states have enacted some type of pension reform since 2011, some are still in dire straits, bringing the net pension liability into the trillions.

To understand the state of Medicaid today, it is important to understand the costs of the program and the expenses state legislatures face every year.

The board of directors of the Detroit Retired City Employees Association voted to support the citys proposal that reduces pension and retiree health-care benefits, the mediators said.

The city council and public unions have agreed to delay proposed pension and pay cuts for another year after a Santa Clara Superior Court judge signed an agreement this week.