PUBLIC PENSION PLANS TO SHARE THE PAIN
WRITTEN BY CHRISS W. STREET
Last week, U.S. Bankruptcy Judge Christopher Klein ruled in the Stockton, California municipal bankruptcy case that public employee pension obligations are nothing more than a “garden variety creditor.” This must have felt about the same to unions as what conservatives felt when Barrack Obama after winning the Presidency in 2008 said: “At this defining moment, change has come to America.” At this defining moment, payments for all California public employee pensions are now risk at payment.
Prior to the Stockton ruling, Calpensions, the popular website for participants in California Public Employees’ Retirement System (CalPERS), California State Teachers retirement System and other government pensions reassured their followers: Continue reading