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Stockton's Bankruptcy and Pension Reform: Limited Options
Bob Deis, former city manager of Stockton, for The Sacramento Bee Link to more items from this source
[Opinion]
Aug. 4, 2014
"[R]ejecting the CalPERS contract ... will not produce any more cash for other creditors to divvy up in bankruptcy or to fund more services. Moreover, state law provides a financial incentive for employees to find another CalPERS job within six months after terminating the CalPERS contract. Stockton would experience a massive employee exodus, and retirees would experience a huge reduction in benefits, to well below the poverty line.... Moody's latest pronouncement that cities will file for bankruptcy protection to get out from under their CalPERS bills is ridiculous, because once cities understand what happens in this scenario, they will quickly realize this will lead to their undoing as a viable city."

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