Topics

Retirement
Stockton pension ruling: More bark than bite?
Stockton pension ruling: More bark than bite?

A federal bankruptcy judge's decision that Stockton could toss out its contract with CalPERS, the state's giant pension fund, may lead to deep cuts in workers' and retirees' pensions, even though the city didn't ask for any cuts at all. It also could lead other cities to use the bankruptcy process to rewrite employee pensions over their workers' objections. Whether those things happen, however, depends on a second decision that Chief Judge Christopher Klein of the U.S. Bankruptcy Court in Sacramento has not yet made. That's his decision whether to approve Stockton's plan, a choice he put off until the end of the month. If he gives the plan the...

Loading