A recent initiative by MassMutual Retirement Services to convey the importance of saving for retirement has been very well received by plan participants.

The $8.3 billion shortfall predicted by the time the fiscal year ends in June includes $5.5 billion in unpaid bills and another $2.8 billion from a payment backlog for Medicaid, employee health insurance bills and business tax refunds, the report said.

Lockheed Martin Corp. is laying off 540 employees in plane-making operations in Texas, Georgia and California.

Congressional Republicans are demanding that the Obama administration clarify what it is doing about implementation or non-implementation of the Community Living Assistance Services and Supports (CLASS) Act long term care (LTC) insurance program.