Administrative/Regulatory
May 13, 2014
CalPERS' concern with Detroit bankruptcy is misplaced
The state agency recently filed an amicus brief in the Detroit bankruptcy case in response to a judge's ruling that vested pensions rights could be impaired in bankruptcy. By Isabel C. Safie
On May 1, the California Public Employees' Retirement System, or CalPERS, filed an amicus brief in the 6th U.S. Circuit Court of Appeals urging reversal of U.S. Bankruptcy Judge Steven Rhodes' determination that vested pension rights could be impaired in a bankruptcy proceeding. If CalPERS' actions are any indication, it is concerned with the impact that the decision reached by Rhodes in In re City of Detroit will have on mun...
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