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How Would Stockton Bankruptcy Cut Pensions?
CalPensions 
Jan. 17, 2013
"Bond insurers who want CalPERS to share the financial pain of the Stockton bankruptcy do not answer a key question in lengthy court filings: How would 'bloated' and 'overly rich' pensions be cut? ... Stockton does not want to cut pensions, arguing that its proposal to eliminate retiree health care is how debt reduction in bankruptcy is shared by employees, who are the actual creditors while CalPERS is just the middleman."
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