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Pensions Spared as Stockton Prepares to Exit Bankruptcy
Reuters Link to more items from this source
Nov. 4, 2013

"[U]nder the terms of recent settlements, bond insurers who are backing about $240 million in city debt will accept a 'haircut' of as much as 50 percent on some bonds. Retirees will keep their full pensions, though 1,100 of them will lose their retiree health insurance.... Stockton voters are likely to approve a sales tax increase that could all but seal a surprisingly speedy end to the city's bankruptcy case. With that, the much-anticipated showdown over pensions will move to Detroit or another city seeking court protection from creditors."

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