Topic
Pension Obligations
17 published works
California Public Agency Labor & Employment Blog
Gov. Newsom Signs Senate Bill 278, Which Greatly Increases Public Employer Exposure to Damages for CalPERS Compensation Reporting Errors
By Steven M. Berliner, Michael Youril
Background On September 27, 2021, Governor Newsom signed Senate Bill (SB) 278, which adds Government Code section 20164.5 and will go into effect on January 1, 2022. SB 278 greatly…
Restructuring Globalview
Chicago Update: What Inquiring Minds Want to Know? Who is Going to be Mayor?
Recently in Chicago’s mayoral primary election, Mayor Rahm Emanuel was forced into a runoff with Cook County Commissioner Jesus “Chuy” Garcia. For many this was an unexpected result that now…
Bankruptcy Law Insights
Despite Earlier Ruling, Stockton Judge Confirms Plan Leaving Pension Obligations Intact
By Ben Feder
One month ago, Judge Christopher Klein ruled in the city of Stockton, CA bankruptcy case that public employee pension obligations can be impaired in municipal bankruptcy cases under Chapter 9…
Restructuring Globalview
Stockton’s Confirmed Plan: “The Best Bad Idea”
Last week Judge Klein approved Stockton, California’s plan of adjustment allowing the city to exit bankruptcy without addressing its largest liability – pensions. Stockton’s plan called for budget cuts, haircuts…
Southern California Bankruptcy Law Blog
Will The City Of Chicago File For Bankruptcy?
My last post was motivated by an interesting article in the L.A. Times, written by Chris Megerian, Melody Petersen, and Dean Starkman, that discussed the recent ruling by Judge Christopher…
McNees Public Sector
Where Do We Go from Here: Scranton Commuter Tax Scrapped
It's no secret that the City of Scanton is facing tough times. Operating under an Act 47 designation of distressed status since 1992, the City faces enormous financial pressures -…
Employee Benefits Blog
Senate Unanimously Approves Bill Modifying ERISA Section 4062(e)
By Michael T. Graham, Patrick Ryan
On September 16, 2014, the United States Senate unanimously approved Senate Bill 2511, which would amend Section 4062(e) of the Employee Retirement Income Security Act of 1974, as amended (ERISA),…
Employee Benefits Blog
PBGC Announces 2014 Moratorium on ERISA Section 4062(e) Enforcement Actions
By Maureen O'Brien, Michael T. Graham, Patrick Ryan
On July 8, 2014, the Pension Benefit Guaranty Corporation (PBGC) issued a press release announcing a moratorium on its enforcement of Employee Retirement Income Security Act of 1974(ERISA) Section 4062(e)…
Bankruptcy Law Insights
Stockton Bankruptcy Settlement Preserves Pensions
By Ben Feder
The Chapter 9 bankruptcy case of Stockton, California has come to an unexpectedly quick and consensual resolution. The outcome here, which will see the city’s pension obligations maintained, is particularly…
The D&O Diary
First Circuit: Private Equity Fund Liable for Bankrupt Portfolio Company’s Pension Obligations
On July 24, 2013, in a case the court said was one of “first impression,” the First Circuit held that, due to the nature of its involvement in the management…