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Detroit Bankruptcy Has California Implications

Stockton and Vallejo are have trouble with balancing their budgets due to high pension debt; many other North Bay cities and counties are grappling with that too.

credit cps.org.uk
credit cps.org.uk

A judge's decision that pension benefits could be touched in the city of Detroit's bankruptcy case could have impact in California, the New York Times is reporting.

According to the article, the judge in Detroit's bankruptcy said that the city may be able to reduce pension benefits for workers. Officials at California cities such as Stockton and Vallejo have said they assumed the pension benefits were untouchable.

To read the article, click here.

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