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First Public Pension Fund Files For Bankruptcy: Will Yours Be Next?

By: lkorrow in CONSTITUTION | Recommend this post (0)
Sun, 29 Apr 12 9:29 AM | 34 view(s)
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Msg. 18006 of 21975
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First Public Pension Fund Files For Bankruptcy: Will Yours Be Next?

April 28, 2012

full story
http://blogs.the-american-interest.com/wrm/2012/04/28/first-public-pension-fund-files-for-bankruptcy-will-yours-be-next/

A $231 million public employee pension fund has filed for Chapter 11 bankruptcy protection. The assets on hand cannot pay the $931 million in claims the fund faces, and the trustees plan to â€œrestructureâ€ their obligations under bankruptcy law. In other words, they will be cutting the benefits they pay to a level the fund can afford.

[thanks to snorf]

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