 |
| Oct. 2, 2014 Issue #92 Editor's NoteFor a PDF copy of the newsletter please visit the League's website. For more updates from the League, follow us on Twitter and like us on Facebook.Judge Rules Public Employee Pension Contracts May Be Reduced in Chapter 9 Bankruptcy Proceedings Just Like Other ContractsOn Oct. 1 U.S. Bankruptcy Judge Christopher Klein in Sacramento ruled from the bench that as a matter of federal law the pension agreements between the city of Stockton and CalPERS could be modified in Chapter 9 municipal bankruptcy proceedings. The ruling is based on the legal principle that the U.S. Constitution grants exclusive authority to Congress over bankruptcy matters and that federal bankruptcy laws preempt a state statute enacted in 1982 to prevent just this result.Pension Reform, Legal Mathur Named Preliminary Winner of CalPERS Board Election With Disappointing TurnoutPreliminary election results were announced Wednesday for the California Public Employee Retirement System (CalPERS) Board of Administration elections. With a disappointing turnout of only 6.8 percent (16,796 of close to 250,000 eligible voters of public agencies), unofficial numbers tabulated by CalPERS show that incumbent Priya Mathur captured 9,299 votes (56 percent) and her challenger, Leyne Milstein, Sacramento Director of Finance, received 7,497 votes (44 percent). The election occurred between Aug. 29 and Sept. 29. The California Secretary of State has yet to release formal certification of the results.Pension Reform, Elections |
| 1400 K Street ■ Sacramento, CA 95814 ■ (916) 658-8200 You can unsubscribe here: |