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Municipalities in Bankruptcy: Public Pension Plans and Retirees Will Share the Pain
Chriss Street and Company 
[Opinion] Apr. 15, 2013
"CalPERS' debt that once was considered a sacrosanct obligation now looks like just one of many unsecured debts owed by Stockton, San Bernardino and hundreds of other government insolvent government entities. As Judge Klein emphasized ... 'The city is going to have a difficult time confirming a plan over an objection and claim of unfair discrimination without being able to explain that problem away.' These are code words for from now on CalPERS and retirees with pension spikes are going to be sharing bankruptcy losses just like every other municipal bankruptcy creditor."
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