Federico Buenrostro pleaded guilty to conspiracy to commit bribery.

Chicago moved forward in its effort to rescue a pair of pension funds and stabilize its finances when Illinois Governor Pat Quinn signed a bill that cuts benefits and makes employees pay more for retirement.

New Jersey Governor Chris Christie said hell reverse course on promised pension contributions this year and next, cutting back to balance the budget after revenue fell short of his goals by as much as $875 million.

No other U.S. pension, endowment or foundation manager has invested as heavily in emerging-market ETFs as the New Jersey Pension Fund, a $3.2 billion gamble at its height. Now the states reversing course.