http://dealbook.nytimes.com/2014/10/01/judge-rules-that-bankruptcy-invalidates-calpers-lien-against-stockton-calif/?_php=true&_type=blogs&_r=0 More information.
If it can happen to hard working guys like my Dad it can surely happen to lazy hacks whose only achievement in life is having been related to a politician or having been a "minority".
Definitely a good ruling and it’s commonsense also. To say that public employee pensions and benefits are sacrosanct would be akin to saying that any treatment for a person weakened by parasites must not be allowed to damage the parasites in any way.
Public employees’ pensions and benefits are THE major cause of most governments’ insolvencies, PERIOD.
Are CA politicians in the CALPERS or do they have their own pension system? The reason I ask is because the CALPERS pension system is financially in deep dodo, under funded in the billions. The CA politicians who have made the mess need to feel the pain of their own creation.
Sue the Democrat Party. They promised the moon for years. Make them pay. They have lots of money. Obama goes to California and the Democrats give him $35,000 each for some dried-out chicken.
Retiring at 50 with 90% pay, for less than 30 years service, somehow just seems wrong.
(Colorado State Pension system)
“For the moment, there is no legal effect from the judge’s ruling, but if his final ruling on October 30 treats pensions like any other claim, you can expect convulsions from government employee unions nationwide. They regard themselves as an aristocracy immunized from the forces that affect everyone not on the govenrnment payroll. Expect a push to change federal bankruptcy law the next time Democrats control Congress and the Oval Office.”