A group of California mayors is opposing a pension-reform referendum that would empower them to reduce expenses while risking their support from unions.

Rep. Dave Camp's plan to overhaul the nation's tax code has been condemned by yet another retirement group, with the National Tax-deferred Savings Association (NTSA) denouncing the bill on Friday.

Many fixes have been proposed to solve the retirement crisis in America but none have been the cure-all parties could wish for.

The increase in New Jerseys debt last year was driven by borrowing for the Transportation Trust Fund, which finances roadwork, and by pension and health benefits.