The problem Skyrocketing retirement costs for Illinois’ state and local government workers are wreaking havoc on governments’ ability to provide core services such as public safety, education and infrastructure. States and cities across the nation continue to struggle with massive pension and health-care costs, which force residents to pay higher taxes and fees to receive...

Pennsylvania is the latest state to receive a Moody’s Investors Service credit downgrade. The drop was largely due to the state’s growing pension crisis. Moody’s issued the following statement with its credit downgrade of Pennsylvania to Aa3 from Aa2: “The downgrade of the general obligation rating to Aa3 reflects the commonwealth’s growing structural imbalance …...

It’s ironic that Detroit government workers and pensioners, on the one-year anniversary of the Motor City’s bankruptcy, have voted to cut their own pensions. Their vote is part of a “grand bargain” bankruptcy restructuring that seeks private, philanthropic and state funds to help avoid massive cuts in government pensions. The bargain reduces Detroit’s debt by...

Most millennials don’t trust Social Security, according to a spring 2014 survey from Reason-Rupe: The report found that: “Fifty-three percent of millennials say Social Security is ‘unlikely’ to exist when they are 67 years old, while 45 percent say it probably will remain. But if it does exist at that time, even fewer millennials believe...