Stockton Pension Ruling Bolsters Case For CalPERS Reform
Law360, New York (October 2, 2014, 9:04 PM EDT) -- Now that a federal judge has eliminated the sanctity of California cities' pension obligations in bankruptcy, experts say the political moment is ripe to forge a path for distressed municipalities to roll back those crushing debts outside of Chapter 9.
The decision carries huge implications for cities, retirees and capital markets, and attorneys expect it to reignite debate over how municipalities struggling under payments to the powerful California Public Employees' Retirement System can adjust pension costs without sparking an exodus among their workers.
While the ruling isn't binding on other courts, it touches on the most pressing issue facing struggling cities...
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