Public Pension Plan Update

Source: Julia Zuckerman, Joanne Jacobson, Xerox Corporation and Buck Consultants, FYI – For Your Information, Volume 38 Issue 21, February 3, 2015

Public pension liability remains a hot, fast-moving, and fluid topic. Recent state and local legislation altering public pension rights has attracted a slew of legal challenges, the results of which have varied. Below we discuss several recent, major developments in the public pension sphere. Specifically, we examine legal challenges to pension reform passed by the state of New Hampshire, state of Illinois, and city of Atlanta; how Detroit’s art collection enabled the bankrupt city to drastically reduce pension cuts; and the treatment of pension debt in two California municipal bankruptcy proceedings. …