right to unilaterally reduce pensions, which they said are part of a worker's negotiated deferred compensation package, and promised an appeal."
(CBS News)

Arizona Judge Rules Cost-of-Living-Adjustments Cannot Be Discontinued by Legislature"A Maricopa County Superior Court judge has ruled that the state Legislature violated the state Constitution and effectively breached a contract when it passed a bill overhauling the state's pension system. At issue was whether judges and elected officials were entitled to continued annual cost-of-living increases. A bill passed last year stopped the increases, which went as high as 4 percent per year, to protect the finances of the state pension fund."
(The Arizona Republic)

Target-Date Funds Are Too Complicated"[T]here's a big question in the industry over the proper 'glide path,' whether the fund is built to land at retirement age,of hedging to protect their personal assets under these laws, and their employers could not procure such protection on their behalf."
(Insur.ance News)

Stockton, California City Council to Vote on Bankrup.tcy Authorization"The farming center about 80 miles ... east of San Francisco has been holding confidential talks with creditors such as public-employee unions to escape becoming the largest city to enter court protection in U.S. history. Communities and states across the U.S. face soaring costs for pensions and retiree health benefits even as sales and property-tax revenue has fallen from the longest recession since the 1930s."
(Bloomberg Businessweek)

Employee Benefits Keep Getting Cut"Over the past five years, 40% of working adults have seen their employer-sponsored benefits reduced or eliminated entirely, according to a survey by the National Endowment for Financial Education ...