by Chriss Street, Testosterone Pit.com:
US Bankruptcy Judge Christopher Klein ruled in the Stockton, California, municipal bankruptcy case that public employee pension obligations are nothing more than a “garden variety creditor”. This must have felt about the same to unions as what conservatives felt when Barrack Obama, after winning the Presidency in 2008, said: “At this defining moment, change has come to America.” At this defining moment, payments for all California public employee pensions are now at risk.
Prior to the Stockton ruling, Calpensions, the popular website for participants in California Public Employees’ Retirement System (CalPERS), California State Teachers Retirement System and other government pensions reassured their followers:
“As the Public pension benefits offered on the date of hire are widely believed to be “vested” rights, protected under contract law by a series of state court decisions, that can only be cut if offset by a new benefit of equal value.”
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