Many workers haven't gotten cost-of-living raises for a few years, although some get pay boosts linked to longevity or new credentials.

WSJ: Big NYC public-employee union picks Liu for mayor

The employers' report says they will consider asking staff to pay higher pension contributions, partly to offset the cost of increased longevity.

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For institututional investors, longevity risk is typically defined as the risk that pension funds and life insurance companies may have to pay out more to beneficiaries than previously calculated due to rising life expectancies .

FORBES: Managing Your "Tail-End" Risk - Part 1: The Risk that You May Outlive Your Assets