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Bankruptcy Judge Explains Hurdles to Potential Pension Cuts by Municipalities
Calpensions Link to more items from this source
Oct. 31, 2014
"[U.S. Bankruptcy Judge Christopher Klein] ruled that two CalPERS-sponsored state laws are invalid in a federal bankruptcy. One prevents a city from rejecting a CalPERS contract in bankruptcy. The other places a CalPERS lien on all assets, except wages, when a city declares insolvency.... The CalPERS general counsel, Matthew Jacobs, told reporters the approval of Stockton's plan that leaves pensions intact makes the earlier ruling 'less significant.' He said CalPERS is looking at its options, including the possibility of an appeal."

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