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California Municipal Law Blog
category:
Municipal Bankruptcy

Stockton’s Chapter 9 Bankruptcy as it Relates to CalPERS Relationship

by on October 14, 2014

posted in Municipal Bankruptcy,

Municipalities facing apparently insurmountable financial obstacles have been keeping a close eye on the City of Stockton as it weaves its way through Chapter 9 bankruptcy.  On October 1, 2014, Bankruptcy Judge Christopher Klein made a ruling from the bench that changes the landscape of Chapter 9 bankruptcy as it relates to pension liabilities.  Specifically, Judge Klein addressed the constitutional question of whether federal bankruptcy law trumps California law which states that money owed to the state pension fund (CalPERS) must be paid.    Judge Klein ruled that it does.  However, the ... Continue Reading

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tags: bankruptcy, CalPERS, retirement benefits,