The buyer will pay about $250 million in cash, with the eventual purchase priced tied to fluctuations in Summits book value.

Payrolls in December increased at the slowest pace since January 2011.

The retirees said the citys decision to reduce funding of vested health-care benefits by 83 percent, starting in March, will force retirees to spend money out of pocket to replace the coverage.

The companies plan to offer a two-pronged approach that concentrates on helping employees with investment advice while making sure they understood daily financial decisions have an impact on how much theyll have to spend during retirement.