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Old 11-30-2012, 09:05 AM
 
Location: Sacramento
14,044 posts, read 27,103,957 times
Reputation: 7373

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Pension payments by California cities should become an interesting issue over the next few months. It will be interesting to see how the courts rule on their obligations to pay into CALPERS vs their bondholder obligations.


San Bernardino can’t use U.S. bankruptcy law to justify its failure to make at least $5 million in payments, Calpers, the biggest U.S. public-employee pension fund, said in court papers filed Nov. 27. The motion relies on arguments the fund is also making in the bankruptcy of Stockton, California, and may be a warning to other cities struggling with high pension costs...

Calpers Seeks to Sue San Bernardino Over Pension Payments - Businessweek
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Old 11-30-2012, 09:57 AM
 
25,619 posts, read 36,499,574 times
Reputation: 23291
Anything to keep the house of cards that is the public employees pension system from crumbling.

Dan Walter's, Crumies buddy has been writing about this for awhile now.
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Old 11-30-2012, 09:36 PM
 
Location: The High Seas
7,373 posts, read 15,936,016 times
Reputation: 11865
Well, you just know that sooner or later there's going to be an adjustment of some sort. Interesting times.
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Old 11-30-2012, 10:20 PM
 
Location: Santa Monica, CA
1,626 posts, read 3,993,563 times
Reputation: 741
I don't see why public sector employee benefits should get preferential treatment in the bankruptcy process.
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Old 12-01-2012, 11:10 AM
 
Location: Lafayette, CA
2,518 posts, read 3,995,372 times
Reputation: 624
Another city that CalPERs has crippled.

Social engineering doesn't work. Public works are inefficient and wasteful because there is always a safety net in the form of taxpayers, unless that safety happens to shrink like it has in the past 4 years.
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