{"id":31647,"date":"2013-12-04T08:26:27","date_gmt":"2013-12-04T07:26:27","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/calpers-calls-detroit-bankruptcy-ruling-short-sighted\/"},"modified":"2013-12-04T08:26:27","modified_gmt":"2013-12-04T07:26:27","slug":"calpers-calls-detroit-bankruptcy-ruling-short-sighted","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/calpers-calls-detroit-bankruptcy-ruling-short-sighted\/","title":{"rendered":"CalPERS Calls Detroit Bankruptcy Ruling &#8220;Short-Sighted&#8221;"},"content":{"rendered":"<p>The California Public Employees&#8217; Retirement System (CalPERS) today issued the following statement in response to a ruling in the City of Detroit bankruptcy eligibility:<\/p>\n<p><em>&#8220;The Detroit court failed to recognize the difference between a two party contract and the unique nature of a state public employee retirement system, which creates a three-way relationship among a public agency, its employees and the retirement system. In California, our members&#8217; vested rights to their pensions are protected by the California constitution, statutes and case law.<\/p>\n<p>&#8220;Unlike Detroit, CalPERS is not a city pension plan. CalPERS is an arm of the state and was formed to carry out the state\u2019s policy regarding public employees. The Bankruptcy Code is clear that a federal bankruptcy court may not interfere in the relationship between a state and its municipalities. The ruling in Detroit is not applicable to state public employee pension systems like CalPERS.<\/p>\n<p>&#8220;The ruling is short-sighted and does not take into account the promises made in exchange for the financial and physical investments that public employees and retirees make in our communities.<\/p>\n<p>&#8220;CalPERS will continue to protect and champion the public employees and retirees who serve California every day.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The California Public Employees&#8217; Retirement System (CalPERS) today issued a following statement in response to a ruling in the City of Detroit bankruptcy eligibility&#8230;<\/p>\n","protected":false},"author":20,"featured_media":31645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1968,1437,2094],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/31647"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=31647"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/31647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/31645"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=31647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=31647"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=31647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}